We sold a condo in 2023 (out of state) for a large profit that we owned the past 10 years. We used the condo both personally for a couple weeks a year and rented it out the remainder of the time we didn't use it. My question is how can I reduce my capital gains tax on this property? We are retired in our 70s, and don't really have any income outside of social security. Being as this sale was a long term capital gain, and we are on a fixed income and fall into a smaller income tax bracket being retired, how will we be taxed? I read somewhere that it's based on your income bracket when you sell as long as it is a LONG TERM capital gain and not a SHORT TERM capital gain. Can you please clarify?
Also- what sorts of things can I write off to offset the amount of capital gains tax I owe? Can I offset it with HOA payments and quarterly assessments we paid over the course of the ten years even if I wrote these off each year against my income taxes while owning it?
Please advise.
