What is the tax rate on gains from selling a property? - Page 2 - TigerDroppings.com

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K E V 8 4
LSU Fan
Member since Jul 2010
228 posts

re: What is the tax rate on gains from selling a property?


Looks like you have knowledgeable folks responding. The only other unknown I can think of is depreciation. Has this property been depreciated at all (say, for tax reduction purposes on income if it was rented) since being purchased? If it was, that would lower your cost basis and increase your taxes on sale.





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boosiebadazz
Member since Feb 2008
45284 posts

re: What is the tax rate on gains from selling a property?


Nah, we haven't claimed any depreciation. How would that even work as we're (most likely) selling it for a profit?





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