Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
When real estate is sold - not the full selling price is taxable - but only the gain.
The gain is calculated as (selling price) MINUS (adjusted basis)The basis is generally original purchase price PLUS improvements MINUS depreciation PLUS selling expenses.
Then - we need to know if the property was held more than a year - if yes - the gain will be taxed at reduced long term capital gain rates /
Let me know all that information and I will help to estimate possible tax liability.
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