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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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How much in capital gains would I pay on $1,300,000.00 in MA.

Customer Question

how much in capital gains would I pay on $1,300,000.00 in MA. on an
investment property rented only July and August for past 20 yrs.
Submitted: 5 months ago.
Category: Capital Gains and Losses
Expert:  emc011075 replied 5 months ago.
Hi. My name is ***** ***** I will be happy to help you. First you will need figure out how much of capital gains you will have before you can apply the percentage. To calculate your capital gains you will take basis and settlement charges, deduct it from the sales price and depreciation. What was the property used for the rest of the year? Was it vacant?
Expert:  emc011075 replied 5 months ago.
Your basis is your purchase price and major (capital) improvements such as new roof, rewiring, additions or new windows/floors. Once you figure out your capital gains you apply 5.1% to get your MA capital gain tax.

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