Does the State of Maryland tax the income you derive when selling your home?

3 Answers

  • 4 weeks ago

    Yes, but only the profit and if you lived there 2 of the last 5 years then there is a 250k deduction (500k if you are married), so only any profit over 250k (or 500k if married).  

    There are transfer taxes too, but you pay those at the closing, so you don't need to worry about finding that money.  

  • Anonymous
    4 weeks ago

    Yes, .5% of the sales price.  

    Your county may have a tax too.

  • 4 weeks ago

    Every state does that. 

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