Capitol gains liability

[Lewiston]

What is the name of your state?California.Good day,thanks for the forum.I currently own a vacation property which i will have have owned for 1 year this September.I want to sell it,as it has appreciated a bit.According to my research my Fed liability will be 15% based on filing jointly with my wife,as our combined income is in the $50,000.00 range,and I seem to recall California tax will be 5% for a total liability of 20% Is this sound? Any insight would be greatly appreciated.Thanks again.Mark.

 

[LdiJ]

What is the name of your state?California.Good day,thanks for the forum.I currently own a vacation property which i will have have owned for 1 year this September.I want to sell it,as it has appreciated a bit.According to my research my Fed liability will be 15% based on filing jointly with my wife,as our combined income is in the $50,000.00 range,and I seem to recall California tax will be 5% for a total liability of 20% Is this sound? Any insight would be greatly appreciated.Thanks again.Mark.

It definitely shouldn't be more than that. However, please remember that capital gains is only paid on the "profit"....selling price minus basis.

 

[Justme_2]

What is the name of your state?California.Good day,thanks for the forum.I currently own a vacation property which i will have have owned for 1 year this September.I want to sell it,as it has appreciated a bit.According to my research my Fed liability will be 15% based on filing jointly with my wife,as our combined income is in the $50,000.00 range,and I seem to recall California tax will be 5% for a total liability of 20% Is this sound? Any insight would be greatly appreciated.Thanks again.Mark.

Would it not be a short term gain as the property was not held for a year? Maybe I misunderstand the situation but it will not be a year until this coming Sept, right?

 

[Lewiston]

Thanks for the replys.I should have included the sale would be post September,so it would be over one year.Thanks again.