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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 113507
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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If I sale a rental property what do I have to gain and

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If I sale a rental property what do I have to gain and loosee
JA: What state are you in? It matters because laws vary by location.
Customer: Colorado
JA: Has anything been filed or reported?
Customer: No and the house has been paid off.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
What do you mean by "what do I have to gain and lose?" Please be much more specific.
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Customer: replied 3 months ago.
This is a small house that would only sale for about 25-30 thousand. How would I be taxed and what amount approximately would I gain.
Thank you for your reply.
When you sell a house you pay what is called capital gains tax. This capital gains tax is only on the money ABOVE what you paid for the house. So if you bought the house for $20,000 and perhaps put $10,000 into major repairs (for example) your tax basis is $30,000. This means that anything you make over $30,000 would be taxed at the capital gains tax rate which is about 28%. But if you sell it at $30,000 only then you pay no taxes.
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Customer: replied 3 months ago.
Thank you.
Thank you for your reply.
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