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Good morning. Your basis is going to be $84,000 and your sale proceeds are going to be $155,000 (less closing costs). Your debt amount is not relevant. Thus, your gain is going to be $155,000 less $84,000 = $71,000.
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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.
I appreciate your prompt reply. The capital gains is $71,000.00, but based on the information I provided, do you know what I would pay in taxes on that gain? 15%? 20%?
I appreciate your prompt reply. The capital gains is $71,000.00, but do you know -- based on the information I provided -- what I would pay in taxes? 15%? Thanks!