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levr, Tax Advisor
Category: Capital Gains and Losses
Satisfied Customers: 29574
Experience:  Working for a large tax preparation service
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Sale of real estate for $1,500,000.00 tax consequences

Customer Question

sale of real estate for $1,500,000.00 tax consequences amount to avoid paying a high taxe rate.
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  levr replied 1 year ago.

When real estate is sold - not the full selling price is taxable - but only the gain.

The gain is calculated as (selling price) MINUS (adjusted basis)
The basis is generally original purchase price PLUS improvements MINUS depreciation PLUS selling expenses.

Then - we need to know if the property was held more than a year - if yes - the gain will be taxed at reduced long term capital gain rates /

Let me know all that information and I will help to estimate possible tax liability.

Expert:  levr replied 1 year ago.

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If you still have any doubts, need clarification - please be sure to ask.
I am here to help you will all tax related issues.