Hello,
My husband and I are selling our rental property we have owned for 28 years. Cost basis at time of purchase was $5,000, (currently $50,000 land value, not total value), plus $45,000 estimated in repairs. We hope to sell it around $200,000.
I have a question? I am confused as to why, when I google search it states my IRS tax bill would be $0 for married couples filing jointly with total income under $83,000? What does this mean? No tax if we earn under $83K?
Thank you for your help, time and consideration.
