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Sold rental house. Held rental house for 9 years in an LLC.

Customer Question
Sold rental house. Held...

Sold rental house. Held rental house for 9 years in an LLC. What long term capital gains tax can I expect on the sale netting me over $3 hundred thousand. I took standard deduction last year. Am retired.

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Georgia

Accountant's Assistant: Has any paperwork been filed?

No? Sale complete. Money in LLC account. Just waiting to see what I should do next to minimize Capital gain tax liability.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Just that I am expected to write checks to other partner and don't want to be liable for all taxes.

Submitted: 11 months ago.Category: Tax
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Answered in 4 minutes by:
9/14/2017
Tax Professional: Lev, Tax Advisor replied 11 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,340
Experience: Taxes, Immigration, Labor Relations
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The gain will be taxes as long term capital gain.

Tax rates mainly will depends on your other income, filing status, deductions, etc.

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Tax Professional: Lev, Tax Advisor replied 11 months ago

Current tax rates fro long term capital gains are - zero (for income otherwise taxed at 15% or below) , 15% and 20% (how those in highest tax brackets).

Please provide additional estimated information about your other income - and I will estimate possible tax liability.

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