Senior citizen selling non-primat residence property

My mother is thinking about selling some rental property, and I was wondering what the tax implications would be since it's not her primary residence. The property is on phoenix, az

check irs.gov under the search function and check the link below



[url]http://azportal.clearlake.ibm.com/webapp/portal/[/url]

You mother would have taxable long term capital gain or loss on the sale equal to the sales price less her adjusted basis in the property and less her costs of selling it. For the details of calculating the gain or loss, see IRS Publication 544, Sales and Other Dispositions of Assets, which you can download for free at [url]http://www.irs.ustreas.gov/forms_pubs/index.html.[/url]

If your mother is thinking of replacing the property with other investment real estate property, then there may be a way to work the sale as a tax free exchange. If this is the case, please let us know by posting the info on her plans.