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Question

I just sold an investment home. At closing I got a check for $60,000. How much of that will go to Capital Gains?

Submitted: 1126 days and 9 hours ago.
Category: Tax
Value: $10
Status: AWAITING CUSTOMER ACTION

Answer

What is the sale price, selling expenses and adjusted cost basis?

Gain is calculated as Selling price minus selling expenses minus adjusted cost basis minus depreciation claimed if any minus improvements if any.

Amount received on closing does not determine the gain on sale.

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

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Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

 

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Expert: RD
Pos. Feedback: 99.4 %
Accepts: 
Answered: 10/23/2006

Certified Public Accountant (CPA)

CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..

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