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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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Actually I have already paid my taxes but am still worrying

Customer Question

Actually I have already paid my taxes but am still worrying about the amount I had to pay. I had sold several rent properties that I had bought back in the 60 s and of course they had doubled in value. Is there any way I could have not had to pay so much. I didn't go to an accountant but went to H and R Block.
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Taxtom replied 1 year ago.
HelloThe only way to reduce the gain is taking a deduction for any expenses you paid in order to prepare the property for sale and be sure that basis includes any improvements that were made they were more than repairs . Also the basis would include any amount that had not already been depreciated.