@lgfitzgerald wrote:
What do I use as the amount to estimate what I will owe -- the full amount of the capital gains or an estimate of the net gains (less expenses for realtor commission and preparation of the house for the sale)?
If you have the relevant figures, you can use the net gains but note that "fix-up expenses" and certain preparation expenses are neither deductible nor added to the basis of the property.
Also note that your gain will be long-term capital gain (assuming there was no business or rental use of the property).
