When a home or business property is sold who is responsible for calculating the taxes owned on the sale?

When a home or business property is sold, the seller typically bears the responsibility for calculating the taxes owed on the sale, including any capital gains taxes. However, both parties may consult with real estate agents, Accountants, or tax professionals to ensure accurate calculations. Additionally, the closing agent or escrow company often assists in providing the necessary figures and ensuring that taxes are appropriately handled during the transaction. Ultimately, it is advisable for sellers to be proactive in understanding their tax obligations before completing the sale.