Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.
The capital gain is going to be taxed in two ways. There is depreciation recapture on the amount of depreciation that was previously claimed. This amounts to $52,000 and would be taxed at 25%. The remaining gain would be taxed as a long term capital gain and would be taxed at a rate of 0 to 20%. In most cases the rate would be 15%.
I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.