Thanks, Marc. It sounds like we just have to bite the bullet and pay our taxes. The tax rate will be 20% (married filing jointly) if the net capital gain is $583,751 or more. Given that we sold it for $680,000 and have a zero basis we are $96,249 over the maximum amount for the 15% tax bracket. I added up all the fees related to this sale (brokers commission, title fees, conveyance fees, surveyor fee, etc) and that equals $41,309.56. So, our net gain appears to be $638,690. Thus our tax rate will be 20% unless there is something more I can do to lessen it.
One final question- The Tax Caster link you provided estimates taxes for 2023. Will Turbotax have a 2024 estimator out soon that we can use?
