I need help to fill up Asset
Declaration (P.L 2007, Chapter 100 NJSA 54:50-38).
Scheduled closing day: 08.24.16
I bought the house on April 2015 for $ 372,000 and I'll sell it for $600,000
I spent $19,289 on purchasing closing, $8,678 for repairs and utilities ( it's an investment house, full rented).Estimated
Selling closing cost: $ 4,950
Real estate selling commission: $ 30,000Selling price: $600,000
Total settlement charges: 372,000+30,000+19,289+4,950+8,678= 434,917I don't know what is Cost After Depreciation
. House is build 2006 and I bought it on 2015.
I don't know to determine Current Year Loss.
(Capital)Gain ? = 600,000- 434,917 -?-? = 165,083
Current Year Gain ? =?My total income
, including $165,083 Capital Gain
, put me on 25% - 35% tax bracket. According to IRS
Publication 17, Your Federal Income
Tax, chapter 16, Table
my capital gains tax rate
(please correct me if I'm wrong)Estimated Tax on Gain Due = 15% x 165,083= $24,762.45I wish you to tell me if my counts are correct, then please help me with Cost After Depreciation and Current Year Loss.
Having the above numbers, I'll be grateful to you if you can fill up for me the Asset Transfer Tax Declaration.Thank you very much for your cooperation,Chirea Butnaru