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I just sold a house that I owned for 1 yr for 420,000.00.

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I just sold a...

I just sold a house that I owned for 1 yr for 420,000.00. What kind of taxes will I have to pay next year for capital gain

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This house was paid for and owned for 1 year I just sold it for 420.000.00/ This was not my homestead, but instead of renting it I decided to sell. What kind of tax on gains am I looking at?

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I do own 3 other properties, Im 67 fully retired at 62 and live off from my retirement whisch is 729.00 a month and the income of one of the properties

Submitted: 3 months ago.Category: Tax
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3/21/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response, which I will provide to you in the next thread(s).

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Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago

Depending upon your income, you are looking to pay either 15 or 20% on the amount of the gain. To properly determine whether or not you have incurred a gain, or how much of a gain you have incurred, you start with the cost basis (cost + improvements). If you sold the property for more than the cost basis, you have incurred a gain. If you sold the property for less than the cost basis, you have incurred a loss. Whether you incur a gain or a loss, the sale still has to be reported on the Schedule D and the Form 8949.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago

If you have incurred a gain, you will only pay tax on the gain amount, not the entire amount of the proceeds. For more detailed information relating to capital gains, refer to the following IRS link.

https://www.irs.gov/taxtopics/tc409

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