The home sold for $18,000. I've been trying to research to determine what taxes are owed from the sell of this property and I haven't found a good resource. Any help/advice would be great.
All taxes with the exception of any capital gains taxes if applicable, were paid and settled at the closing of the sale. SO the only tax due would be income tax on any gain realized from the sale. So if you sold the property for less than it's cost basis, no income tax or capital gains tax is due or owed to any taxing authority.
