Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
The first issue - if you have or expect to have a capital gain.
The gain is calculated as (selling price) MINUS (adjusted basis) MINUS (selling expenses)
The basis is your original purchase price.
That basis is adjusted by improvement and some other expenses)
If you realize the gain - then - yes - it will be taxable regardless of the reason you are selling the property.
Only the gain realized from the sale of a primary residence may be excluded.
However because the property is owned more than a year - that will be a long term capital gain taxable at reduced rates.
Let me know if you need any help with reporting.
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