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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
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My wife & I getting divorce. we may have to sell to of our

Customer Question

my wife & I getting divorce. we may have to sell to of our rental properties. my net income is about 27000. She has income of about 24000. one house current value is 475.000 . original price was 210.000. What would be the approximate capital gain. I don't have all depression info.
Second house 545.000. original price 110.000. Same question.
Thank you
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 1 year ago.

How long have these properties been rentals?

Expert:  Mark Taylor replied 1 year ago.

For property one you will have a gain of $265,000. You will also have an ordinary gain for any depreciation that was previously claimed. This is known as depreciation recapture.

Expert:  Mark Taylor replied 1 year ago.

The capital gain rate would be 15%. Would you be filing as single?

Expert:  Mark Taylor replied 1 year ago.

Would you be reporting half the gain?

Expert:  Mark Taylor replied 1 year ago.

I am sorry the phone call did not go through.

Customer: replied 1 year ago.
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