Legal Question in Real Estate Law in Maryland
Home Sales
If I were to sell my home within the first two years of ownership, would there be any penalties incurred? I've asked a friend and was told that there would be a 15% to 20% penalty taken from the sale profit.
Asked on 3/13/05, 9:10 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Home Sales
You may owe capital gains tax on the higher short-term rate. Consult your tax adviser. You may also have pre-payment penalties on your mortgage, particularly if it is not a standard institutional mortgage.
Answered on 3/13/05, 9:34 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
