if I sell my house half year after I bought, do I need to pay any penalty to government?
Answers:
JSP is on the right track. You will have to pay capital gains on the difference between what you paid for the house and what you sold it for, BUT you can deduct capital improvements, etc. go to www.irs.gov and look at the publications concerning the selling of real estate. That should tell you everything you need to know.
Other answers:
its your house do what ever you want
its your house do what ever you want
Not to the goverment. But their may be a pre-pay penalty to the lender....
Your friend is taking about capital gains. It depends if there is a profit being made, and if you are going to turn it and buy another property.
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