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Q: How much tax would I have to pay in the US?
A: Without knowing all of the particulars, such as how much was spent on qualified improvements, I can't give you a dollar amount at to how much you will pay in capital gains
tax. Was this property a rental property
, or a second home? The capital gains rate
is either going to be 15% or 20%. If your income
is $400,000, the rate is 20%.
Determining the actual gain differs if the property was a 2nd home, or a rental property.
If a rental property:
First of all, you will need to figure out the actual gain amount. To do this, you take the cost basis (what you originally paid for the property), and add the amounts spent on qualified improvements. You will also need to deduct depreciation
taken if any. Once you determine the true cost basis, you can then determine how much your actual gain on the sale of the property would be.
Following is a link that provides you with step by step instructions on how to figure out the actual gain on the rental property.
If a second home, you can refer to IRS
Please let me know if I can be of further assistance to you regarding this matter.
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