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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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Experience:  Enrolled to Represent Taxpayers Before The IRS
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Sold some property in florida this year....had 15,000 IN IT

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Sold some property in florida this year....had 15,000 IN IT AND SOLD IT FOR 50,000...HELD ON TO IT FOR 3 YEARS AND PAID AROUND 600 IN TAXES...WHAT WILL I HAVE TO PAY IN CAPITAL GAINES TAX.....THANKS SO MUCH   JAMES STARLING
Submitted: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 years ago.
Hello and thank you for using Just Answer. If the property was not your personal residence you will not qualify for the Section 121 exclusion. You will pay long-term capital gain on your net profit from the sale. If you basis in the property was (taxes, other expenses) $15,600 and the property sold for $50,000 you have a gain of $34,400. You federal tax on the gain will be $5,160 (34,400 x 15% long-term capital gain rate = 5160).
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