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re: Question re: Sale of Rental property and Capital Gains/1031 exchanges
Posted on 1/22/13 at 10:22 am to Motorboat
Posted on 1/22/13 at 10:22 am to Motorboat
If I'm not mistaken the gain would be on any profit after the cost basis.
So if you bought it for 115 and did capital improvements of 10K and sold it for 175K your basis would be 125K making your gain 50K.
Ofcourse don't listen to me about taxes.....I hate that shite and thats why i let my CPA rape me every year
So if you bought it for 115 and did capital improvements of 10K and sold it for 175K your basis would be 125K making your gain 50K.
Ofcourse don't listen to me about taxes.....I hate that shite and thats why i let my CPA rape me every year
1
Posted on 1/22/13 at 6:47 pm to MoreOrLes
Don't forget to recapture depreciation.
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