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#1
03-16-2006, 07:21 PM
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Long term capital gain questionWhat is the name of your state? California My husband and I just sold our rental property which has been hold for 2 years. If we pay tax, it will be long term capital gain category which will subject to 15% federal and 9% state tax. But our combined W2 income already hit AMT, will this make our tax on the long term capital gain increase more? Once the AMT is hit, will there be a difference for long term gain and regular income? This question is important to me, because I can do 1031 exchange if the tax is much more than 24% long term gain tax rate. Thanks for advice. |
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#2
03-16-2006, 09:33 PM
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| You can't do a 1031 if the property is already sold.
__________________ This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post. |
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