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I sold a condo with an adjusted tax base of 147260. I have…

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I sold a condo...

I sold a condo with an adjusted tax base of 147260. I have taken depreciation of 34,055.How much capital gains tax would I be paying?

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I purchased the condo for 47000. I sold it for 215,000.I have depreciation of 34055 having it for almost 20 years. Total improvements plus closing costs total 20740.

Accountant's Assistant: Is there anything else the Expert should be aware of?

I usually pay very little if nothing in regular fed and state taxes.

Submitted: 9 months ago.Category: Tax
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9/1/2017
Tax Professional: emc011075, Tax adviser replied 9 months ago
emc011075
emc011075, Tax adviser
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Satisfied Customers: 3,778
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Hi. My name is ***** ***** I will be happy to help you.

How did you figured out your adjusted cost basis if you bought the house for 47K?

47000 + 20740 - 34055 = 33685.

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