Taxes on Selling a House in Illinois: What to Expect

Selling a home can be an exciting step toward a fresh start, whether you’re moving closer to work in Chicago, retiring in Champaign, or trading a suburban property in Joliet for something that better fits your needs. But before you decide how to use the money from your sale, remember the costs of selling a home. Taxes on selling a house in Illinois, in particular, can affect your final profit. “There are taxes that some people don’t think about when they’re deciding to sell their home,” says Diana Matichyn, a top real estate agent in Cook County, who works with nearly 72% more single-family homes than the average agent in her market. “They think that commission is the only expense that they have, but it actually is a lot more than that.” How Much Is Your Illinois Home Worth Now? Get a near-instant real estate house price estimate from HomeLight for free. Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes. The tricky part is that rules vary depending on your situation, making it easy to make a costly mistake. Understanding what you owe and exploring ways to s...