07-23-2004, 04:27 AM
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 Re: Rental Sale Michelle Kapp wrote: - quote - > Selling Rental Property and want to plan for taxes. Sale
Not quite. The $15,000 is "unrecaptured section 1250 gain",> was for approximately 100,000. Cost was originally 50,000 > including capital improvements. Depreciation has been > straight line to the tune of 15,000+-. It would appear the > gain will be around 65,000 and I should keep 15% for capital > gains tax. Am I on the right track basically? and is subject to a tax rate of no more than 25%. So the amount to set aside is $15,000 x 25% + $50,000 x 15%, or $11,250. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-21-2004, 03:06 AM
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| Rental Sale Selling Rental Property and want to plan for taxes. Sale was for approximately 100,000. Cost was originally 50,000 including capital improvements. Depreciation has been straight line to the tune of 15,000+-. It would appear the gain will be around 65,000 and I should keep 15% for capital gains tax. Am I on the right track basically? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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