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emc011075
emc011075, Master Tax Adviser
Category: Capital Gains and Losses
Satisfied Customers: 2835
Experience:  Master Tax Adviser and Enrolled Agent
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Selling a rental property with a 165,000.00 capital gain.

Customer Question

Selling a rental property with a 165,000.00 capital gain. My current income for 2016 will be approximately 34,000.00. What will be the tax implication?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. What's your filing status? Married or single?
Expert:  emc011075 replied 1 year ago.
As single, no dependents, you will be in 28% tax bracket and capital gain of 165000 will increase you tax liability by $22,700. This is obviously just an estimate, you need to incorporate the gains into your tax return to get a better pictures.
Expert:  emc011075 replied 1 year ago.
Any questions? Is there anything else I can help you with today?
Expert:  emc011075 replied 1 year ago.
And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.