Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
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You will claim all your capital gains in the year you sold the property. You will figure out your capital gains as followed:
improvements before 2008
= capital gains.
In addition, the depreciation you took from 2008 until 2016 will be added to your income as well.
Reporting a sale of business property requires some complex calculation. Did you do any improvements 1994 and 2008? How much do you think it will cost you to sell it? Including RE commission.
You are looking at about 280K in capital gains and about 34K in depreciation add back. I used 115K as basis for the depreciation (90k+25K), I do not know what did you or your accountant use. It could be little more.
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