Taxes on Selling a House in Virginia

Selling a home in Virginia can be an exciting step, whether you’re moving out of a family home in Richmond, downsizing in Virginia Beach, or relocating from one of the state’s quiet residential neighborhoods to a new city. But beyond finding a buyer and preparing your property for showings, it’s worth thinking about the costs that could come with the sale. Understanding taxes on selling a house in Virginia can help you estimate how much of your proceeds you’ll actually get to keep. What is Your Virginia Home Worth? 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. Depending on how long you’ve owned the property, how much profit you make, and whether you qualify for certain tax exclusions, your tax obligations may vary. Before you finalize the sale, take time to understand the potential taxes involved so you can plan your next move with fewer surprises. Capital gains tax You’ve likely heard the term “capital gains tax,” but what is it? When you sell a “capital asset,” which is some...