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I was given some land I sold it and got 2 rent houses I us…

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I was given some land...
I was given some land I sold it and got 2 rent houses I us the tax sheld 1031 I now want to sell the and pay off my bills how mush taxs will have to pay?
Submitted: 2 years ago.Category: Tax
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Answered in 13 minutes by:
1/20/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,319
Experience: Taxes, Immigration, Labor Relations
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When you conducted section 1031 like-kind exchange - you generally transfer the basis of the old property to a replacement property.

There is a special worksheet you need to use to calculate a worksheet for the replacement property.

So when the replacement property eventually is sold - you will use that basis to calculate the gain.

That gain will be taxed as long term capital gain at reduced rates.

The tax rate on most net capital gain is no higher than 15% for most taxpayers. Some or all net capital gain may be taxed at 0% if you are in the 10% or 15% ordinary income tax brackets. However, a 20% tax rate on net capital gain applies to the extent that a taxpayer’s taxable income exceeds the thresholds set for the 39.6% ordinary tax rate ($413,200 for single; $464,850 for married filing jointly or qualifying widow(er); $439,000 for head of household, and $232,425 for married filing separately).

I will help to estimate your tax liability if needed.

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