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re: Capital Gains
Posted on 6/8/14 at 6:24 pm to sw0099
Posted on 6/8/14 at 6:24 pm to sw0099
I believe Stout is correct on the personal residence.
Regarding the business and business property, you have an adjusted basis in the property due to depreciation and/or any capitalization . Take your sales price and subtract your adjusted basis in the property, and that is your capital gain. Your accountant should have this readily available for you as well.
Depending on what bracket you are in, you could pay as much as 29.8% in capital gains taxes.
Regarding the business and business property, you have an adjusted basis in the property due to depreciation and/or any capitalization . Take your sales price and subtract your adjusted basis in the property, and that is your capital gain. Your accountant should have this readily available for you as well.
Depending on what bracket you are in, you could pay as much as 29.8% in capital gains taxes.
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