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UPDATED FOR TAX YEAR 2019
You can make an educated guess. Enter an estimate of your income for the year in your return.
Once you do that you can look at line 12b of the 1040 preview to determine what your taxes might be. To preview you 1040, please follow these steps:
Capital gains = Net Sales Price - Adjusted Cost Basis
You make a very rough guess for cap gains by just subtracting the cost of the property from the sales price. This would, of course, overestimate any gain.
Getting back to the original formula:
Net sales price is the sales price of the house minus any selling expenses (real estate commission, etc.)
Adjusted basis:
TurboTax will walk you through the calculation of capital gain, asking you pertinent questions about the property.
[Edited | 3/26/2020 | 11:35am PDT]
UPDATED FOR TAX YEAR 2019
You can make an educated guess. Enter an estimate of your income for the year in your return.
Once you do that you can look at line 12b of the 1040 preview to determine what your taxes might be. To preview you 1040, please follow these steps:
Capital gains = Net Sales Price - Adjusted Cost Basis
You make a very rough guess for cap gains by just subtracting the cost of the property from the sales price. This would, of course, overestimate any gain.
Getting back to the original formula:
Net sales price is the sales price of the house minus any selling expenses (real estate commission, etc.)
Adjusted basis:
TurboTax will walk you through the calculation of capital gain, asking you pertinent questions about the property.
[Edited | 3/26/2020 | 11:35am PDT]
You will have to enter that the rental property was sold, as well as any assets related to the property that you may have entered separately (for example, new roof, appliances, improvements).
To do this please follow these steps:
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