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Live in a motor home. get mail and have a home address in…

Live in a motor...

Live in a motor home. get mail and have a home address in south dakota, no state income tax. spend 3 - 4 months each year in arizona. just sold a rental house (sfr) for $271,000 before exp, comm, etc.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

ZERO BASIS in house. owned for 32 years. who and where do i pay state tax to? retired, but do make commissions while traveling thru sub -s corp.

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Answered in 1 minute by:
3/10/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,355
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Where was the rental property located?

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,355
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months ago
Colorado, Longmont
Phone call session started

It was a pleasure speaking with you.

Here are the links I told you about:

2018 capital gains tax rates: https://www.fool.com/taxes/2017/12/11/long-term-capital-gains-tax-rates-in-2018.aspx

Gain and Depreciation Recapture: https://pocketsense.com/figure-capital-gains-sale-rental-property-27011.html

Because you sold the rental in 2018, you will report the sale on your 2018 tax return which will be due to be filed in early 2019.

You will report the sale of the rental on your federal return and a NONRESIDENT Colorado return.

Best regards,

Barb

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