How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask R. Klein, EA Your Own Question
R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
Type Your Capital Gains and Losses Question Here...
R. Klein, EA is online now
A new question is answered every 9 seconds

How much in capital gains would I pay on $1,300,000.00 in MA.

Customer Question

how much in capital gains would I pay on $1,300,000.00 in MA. on an
investment property rented only July and August for past 20 yrs.
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. First you will need figure out how much of capital gains you will have before you can apply the percentage. To calculate your capital gains you will take basis and settlement charges, deduct it from the sales price and depreciation. What was the property used for the rest of the year? Was it vacant?
Expert:  emc011075 replied 1 year ago.
Your basis is your purchase price and major (capital) improvements such as new roof, rewiring, additions or new windows/floors. Once you figure out your capital gains you apply 5.1% to get your MA capital gain tax.