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I got an offer on my duplex $330000 the mortgage is $295000…

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Hi I got an...

Hi I got an offer on my duplex $330000 the mortgage is $295000 what would my tax be?

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

Hi I got an offer on my duplex $330000 the mortgage is $295000

Accountant's Assistant: Is there anything else important you think the Accountant should know?

What would my tax be?

Submitted: 4 months ago.Category: Tax
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Answered in 5 minutes by:
3/15/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,203
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago

When you sale property you look to the gain for tax rate.

Your gain (or loss) is the difference in cost plus improvements less depreciation and the sale price less costs to sale.

The mortgage is not part of the calculation to see if you have gain or loss on the sale.
Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited. Thanks

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Customer reply replied 4 months ago
We bought the property 1987 and lived there until 2011 ,then we moved and rented both sides how can I even estimate my improvement and depreciation?The property was in pre foreclosure up in til about 3 years ago.The foreclosure sent me a letter saying every thing is forgiven.if I except that the mortgage is 295000 and the monthly payment is $1830
Customer reply replied 4 months ago
the forecloser bank ocwen sent me a letter
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago

You need to look back at your tax returns to see what depreciation was claimed. Your improvements would be shown there as well since you could write them off.

You will need to know what these amounts are to report the sale or the forgiveness of debt.

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Customer reply replied 4 months ago
how far back?
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago

From the time of purchase or at least for the time you used as rental property.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago

The rental time is VERY important. You cannot calculate your gain or loss without that information.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

Just checking to see if you responded

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