Capital Gains and Losses

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How much Capitol Gains Tax would I have to pay on $300,000…

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How much Capitol Gains...

How much Capitol Gains Tax would I have to pay on $300,000 in Montgomery County Maryland.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Sale of rental property with $300,000 profit.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

The present profit is mostly from Rollovers involving Stockard exchanges.

Submitted: 7 months ago.Category: Capital Gains and Losses
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12/1/2017
Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 7 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Capital Gains and Losses
Satisfied Customers: 2,603
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Welcome to JustAnswer! My name is ***** ***** I will be able to assist you today.

Is the $300,000 your total profit after you calculated the cost basis of the property and recovered any depreciation that was allowed or allowable?

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Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 7 months ago

The long term capital gains rate are as follows:

For tax payers in the 10 -15% ordinary income tax bracket your long term capital gains rate is 0%

For tax payers in the 25,28,33 and 35% ordinary income tax bracket your LTCG rate is 15%. If your long term capital gains tax rate is 15% then you would owe approximately $45,000 in long term capital gains tax.

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Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 7 months ago

If your ordinary income tax bracket is 39.6% then your LTCG rate would be 20% and you would owe $60,000 in long term capital gains tax.

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Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 7 months ago

I have you any follow up questions please do not hesitate to ask and I would be happy to answer.

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