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We are selling our rv park with our

Customer Question
main residence which we have...
We are selling our rv park with our main residence which we have lived for 10 years. I would like to know what our tax liability will be once sold. We purchased it for $1,025,000 in 2005 and lived there continuously and are now selling it for$1,360,000 how are taxes calculated and what is our tax liability. Thank you for any advice
JanXXX
Submitted: 3 years ago.Category: Real Estate Law
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Answered in 34 minutes by:
5/31/2015
Real Estate Lawyer: Ray, Lawyer replied 3 years ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 47,776
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. I am Ray and will be the expert helping you today
The 2015 rates are..
federal capital gains tax:
1. 15% if you are in a tax bracket greater than 15% on long term gains.
2. Short term gains (365 days or less) are taxed at your marginal rate as regular income.
3. If you are in a 15% bracket or less, you do not pay capital gains tax on long term gains (366 days or longer).
4. If the property is rental property there is 25% recapture tax on accumulated depreciation.
5. if residential, and you owned and lived in the home for 2 of the past 5 years there is a 250,000 capital gains exclusion filing single or separate returns, and 500,000 exclusion for a joint return. Capital gains is not paid except on the portion that exceeds the exclusion for your filing status.
Here you are looking at 15% in all likelihood assuming you cannot claim item (5) above) and are taxed on the full amount..It would be around $50,250 on the gain here of $335,000 as you state.This might vary depending on your brackets but it gives you an idea of your liabilities in this matter.You may want to have your CPA or tax preparer see if you can get the numbers down a bit.
I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.
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