Q: If I sell my primary home that I have lived in for 6 years will I owe takes on the profits in the state of Virginia?
We are moving to South Carolina and want to wait for a while before buying a house. Also thinking of paying off some debt in the process.
A: You need to check with a tax specialist (such as a CPA) for an answer specific to your situation. With that understood, the general rule is that there is no tax due on the gain from sale of your primary residence (gain = price sold - amount paid to buy plus certain improvements). I believe the amount that is not taxed is $250,000.00 but check with your tax professional.
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