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#2
11-12-2003, 04:16 PM
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 Re: capital gains on rental property "CMESSINA" <CMESSINA[at]si.rr.com> wrote: - quote - > I have rental property that has a 30 year mortgage. The
It is a little late now to be considering tax planning. The> first seven years I lived in the condominium. I then > converted it to rental property for seven years. I recently > sold the condominium. I have taken the depreciation during > the time it was rental property. Now the dilema, how to > reduce my capital gains, since it is not my primary > residence? Any suggestions will be greatly appreciated. gain is fully taxable, and you may be subject to unrecaptured 1250 depreciation (at up to 25%). If you were considering a like-kind exchange into other rental property, it is too late now that you have sold the condominium. Your mortgage has nothing to do with your gain calculation. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
11-12-2003, 03:37 PM
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| Re: capital gains on rental property "CMESSINA" <CMESSINA[at]si.rr.com> writes: - quote - > I have rental property that has a 30 year mortgage. The
At this point there's nothing you can do. Had you asked> first seven years I lived in the condominium. I then > converted it to rental property for seven years. I recently > sold the condominium. I have taken the depreciation during > the time it was rental property. Now the dilema, how to > reduce my capital gains, since it is not my primary > residence? before the sale a section 1031 tax-free exchange would have been a possibility, but that may not have met your needs anyway. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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11-12-2003, 03:18 PM
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| Re: capital gains on rental property CMESSINA wrote: - quote - > I have rental property that has a 30 year mortgage. The
You should have asked before you sold. You could have> first seven years I lived in the condominium. I then > converted it to rental property for seven years. I recently > sold the condominium. I have taken the depreciation during > the time it was rental property. Now the dilema, how to > reduce my capital gains, since it is not my primary > residence? Any suggestions will be greatly appreciated. deferred taxable gain using a like-kind exchange or you could have sold on an installment plan thereby spreading the gain out over a number of years. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
11-11-2003, 04:24 AM
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| capital gains on rental property I have rental property that has a 30 year mortgage. The first seven years I lived in the condominium. I then converted it to rental property for seven years. I recently sold the condominium. I have taken the depreciation during the time it was rental property. Now the dilema, how to reduce my capital gains, since it is not my primary residence? Any suggestions will be greatly appreciated. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| capital, gains, property, rental |
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