I'm selling 2 of my rental properties this year, both of which were purchased around 3 years ago. One was purchased for $50k and I'm expecting to sell for $115k. The other was purchased for $85k and I'm expecting to sell for $180k. Trying to figure out what to expect tax-wise. Is reinvesting the only way to avoid capital gains tax? What are the other taxes associated with selling a rental property? Also, I made many improvements on both, but mostly maintenance, repairs, and light remodeling. I know when selling a personal property, minor repairs and maintenance do not count toward capital improvements, but does this change when selling a rental property? Can I write off all of it? Can I also write off selling expenses (closing fees, broker's commission, etc?) Is there anything that can help? Obviously I want to pay the least amount of taxes possible. Also, might be worth noting that I am not a business.
