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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7195
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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HI I have a rental home in Hinkley Calif that I have owned

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I have a rental home in Hinkley Calif that I have owned for 35 + years. I am selling out to PG&E because of the chromium 6 in the water contamination. I am over age 65, retired on a federal retirement. What is the Capital Gains Tax I will have to pay ON $250,000.?

Submitted: 6 years ago.
Category: Tax
Expert:  Stephen G. replied 6 years ago.
Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Well to give you a rough number without knowing what your other income is & assuming your rental property is fully depreciated, no more than 15% Federal & 9.2% CA tax. You should also be able to reduce these figures somewhat by how you time the payment of the CA tax; but you'll most likely need a local CPA to run your numbers through his tax program to work out a plan; that's really not possible to do in this format; given the logistical limitations.
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