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I am going to sell a rental property. I have depreciated it…

Customer Question
I am going to...

I am going to sell a rental property. I have depreciated it $14,000. I am retired...what will my tax problems be?

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

Any ideas?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I'm selling the house for 160,000. 60 k to pay off mtg, and 50 k to pay for repairs...

Submitted: 1 year ago.Category: Finance
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Answered in 5 minutes by:
4/22/2017
Financial Professional: ABC Accounting Group, Financial Advisor replied 1 year ago
ABC Accounting Group
ABC Accounting Group, Financial Advisor
Category: Finance
Satisfied Customers: 889
Experience: Accounting Manager
Verified

Hi. Great Question. How much did you originally buy it for? Thank you.

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Customer reply replied 1 year ago
45000
Financial Professional: ABC Accounting Group, Financial Advisor replied 1 year ago

Hi. Did you have any leasehold improvements - I see the 50k in repairs. Thank you.

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Customer reply replied 1 year ago
Over the years I have made many 20k in improvements
Financial Professional: ABC Accounting Group, Financial Advisor replied 1 year ago

Thank you.

What would happen is:

You would take the 160k, less the 45k, less the 20k, and less any selling expenses (commissions, etc.) = how much would be taxed. 16k of it would be taxed at a 25% rate and the remaining would be taxed at the capital gains rate.

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Financial Professional: ABC Accounting Group, Financial Advisor replied 1 year ago

Let me know if this helps and if you have any questions. Thank you.

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