Real estate capital gains?

LarryC44 · May 30, 2005

What is the name of your state? NY

I have a rental property I bought in 1987 for $30,500. I own it free and clear but I would like to sell it. With increases in real estate values and the improvements I have made, I should be able to get about $60,000 - $70,000 for it.

I am in the 15% tax bracket and have been taking the standard depreciation on it since it's purchase.

How much should I expect to pay in capital gains if I sell and DO NOT reinvest in real estate?

Thanks for any help!

Larry

HomeGuru · May 30, 2005

LarryC44 said:
What is the name of your state? NY

I have a rental property I bought in 1987 for $30,500. I own it free and clear but I would like to sell it. With increases in real estate values and the improvements I have made, I should be able to get about $60,000 - $70,000 for it.

I am in the 15% tax bracket and have been taking the standard depreciation on it since it's purchase.

How much should I expect to pay in capital gains if I sell and DO NOT reinvest in real estate?

Thanks for any help!

Larry

**A: post in the correct forum.

PghREA · May 30, 2005

Or better yet - talk to your tax accountant. There are other factors besides adding back the depreciation you have taken over the years that should be considered.

HomeGuru · May 30, 2005

PghREA said:
Or better yet - talk to your tax accountant. There are other factors besides adding back the depreciation you have taken over the years that should be considered.

**A: maybe the tax accountant responds to posts in the Tax Law forum.

Real estate capital gains?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills Please click a topic or scroll down for more.

LarryC44

Junior Member

HomeGuru

Senior Member

PghREA

Senior Member

HomeGuru

Senior Member

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential