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re: What is the tax rate on gains from selling a property?
Posted on 1/5/13 at 1:10 pm to boosiebadazz
Posted on 1/5/13 at 1:10 pm to boosiebadazz
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.
1
Posted on 1/5/13 at 1:16 pm to K E V 8 4
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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