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Investors & landlords
Your cost basis is $107000 minus $85000 or $22000
Your sales proceeds are $98000 minus $14000 or $84000
Your taxable gain is $84000 minus $22000 or $62000
How much you owed when you sold the property ($60000) is not germane to your taxable gain
Your sales proceeds are $98000 minus $14000 or $84000
Your taxable gain is $84000 minus $22000 or $62000
How much you owed when you sold the property ($60000) is not germane to your taxable gain
March 24, 2019
9:19 AM