Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Figure out how much is my tax liability + my capital gains +

Customer Question
Figure out how much...

Figure out how much is my tax liability + my capital gains + depreciation recapture tax

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Need to find out total tax on two apartment buildings

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

I just need help in figuring this out

Submitted: 8 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
11/3/2017
Tax Professional: Lev, Tax Advisor replied 8 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,115
Experience: Taxes, Immigration, Labor Relations
Verified

To address your concern - we would need to know your income and deduction items.

Please verify.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I have a commercial property that i am selling, I am in the
Hi, I have a commercial property that i am selling , I am in the 28% bracket on my personal tax . What should i expect to be paying in Capital gains ? Unlike Europe where it is fixed rate , Its a litt… read more
Brian Michels
Brian Michels
Partner, CPA
Bachelors of Business Administration
199 satisfied customers
Regarding depreciation recapture. My understanding is that
Regarding depreciation recapture. My understanding is that it is all recaptured upon sale of the property if a gain is realized. So if someone is in the 0% tax bracket while renting out the property a… read more
Lev
Lev
Tax Advisor
33,115 satisfied customers
We have had a rental property years. We have used Schedule
We have had a rental property for 18 years. We have used Schedule E. We deducted our rental expenses in the appropriate columns and also depreciated more expensive things like the condo furniture and … read more
Lev
Lev
Tax Advisor
33,115 satisfied customers
LEV, a husband had 2 commercial buildings in his name, later
LEV, a husband had 2 commercial buildings in his name, later he formed an llc, splitting ownership of both jointly. he passed away. the wife wish's to sell 1 of the buildings. what paperwork is needed… read more
Lev
Lev
Tax Advisor
33,115 satisfied customers
In a 1031 exchange where the buyer of the new property pays
In a 1031 exchange where the buyer of the new property pays boot. The basis in the new property is the basis of the old plus boot...correct? We have the gain on the sale as a deferral which also adjus… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
Hello, I read the 1031 exchange rules, etc but am confused
Hello, I read the 1031 exchange rules, etc but am confused . Simply, we have 2 apts that we have a payoff of 785,000 on (including fees, unpaid RE taxes. etc). If we sell for 1,000,000 and want to do … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
In 2011, my mother sold her house for $200,000, which she and
In 2011, my mother sold her house for $200,000, which she and my father purchased in 1962 for $17,500. In 1999, she converted the second floor to an apartment, which she rented to acquaintences and re… read more
Lev
Lev
Tax Advisor
33,115 satisfied customers
HOW DOES THE INTERNAL REVENUE FIGURE SELLING BUSINESS EQUIPMENT
HOW DOES THE INTERNAL REVENUE FIGURE SELLING BUSINESS EQUIPMENT FOR INVESTMENT CREDIT TAX: PURCHASE PRICE $ 156,000 SOLD FOR $ 75,000 HAD LIEN ON EQUIPMENT FOR $ 70,000 ( I ACTUALLY GOT $ 5,000 FOR MY… read more
Lev
Lev
Tax Advisor
33,115 satisfied customers
I sold an investment rental property I owned since 2002. I
I sold an investment rental property I owned since 2002. I had a 42000 capital gain on the property when I sold it. I am using turbo tax for my return and I need to know how to calculate prior depreci… read more
Stephanie B.
Stephanie B.
Accountant
Master's Degree
451 satisfied customers
In 2006 my husband got a new job in NYC and we put our primary
In 2006 my husband got a new job in NYC and we put our primary home in Florida up for sale. We had lived in that home for 7 years. It was on the market for 1 year and we could not sell it. We decided … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I am planing /hoping to sell my farm and retire--My concern
I am planing /hoping to sell my farm and retire--My concern is what the tax situation would be--especially capital Gains--If I provide you with the numbers, can you give me a reasonably close estimate… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I am selling a seven unit apartment building which is currently
I am selling a seven unit apartment building which is currently co-owned by myself and my son and one of the units is my primary residence. Can anyone tell me the capital gain consequences of such a d… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
On July 1,2009 I exchanged an office building having a fair
On July 1,2009 I exchanged an office building having a fair market value of 400,000 for cash of 80,000 plus an apartment building having a fair market value of 320,000. My adjusted basis for the offic… read more
Lev
Lev
Tax Advisor
33,115 satisfied customers
MY ex husband & I own a rental apt bld. which we are listing
MY ex husband & I own a rental apt bld. which we are listing for sale. we bought propert approx 24 or 25 yrs ago. dereciation of the bldg was taken thru the years --we no longer depreciate. we paid 35… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
My wifes mother recently passed away and just before an investment
My wife's mother recently passed away and just before an investment she had in a joint partnership apartment building was sold and her share was 360K. Her original investment was approximately 100K ar… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Husband and wife have taxable income of $50,000. They sell
Husband and wife have taxable income of $50,000. They sell real estate for $400,000. The land is worth $200,000 and buildings $200,000. The buildings are completely depreciated by straight line. The c… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I sold my two flat last year that was also my residence and ...
I sold my two flat last year that was also my residence and home office. I'm am having a hard time figuring out capital gains. The sales price was $305,000. The house was equally divided between incom… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I have a closed restaurant that I am selling. We built the ...
I have a closed restaurant that I am selling. We built the restuarant ourselves ( my husband) and spent originally about $130,000 for the building ( not including many hours of our own labor). Our lan… read more
WebTaxMan
WebTaxMan
Tax Accountant
Bachelor's Degree
576 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x