Appreciate someone can help figure out the the following:
I have an accumulated rental loss of 60,000 as of 2021. I sell the rental property in 2021. I paid for 1.05M, sold it for 1.18 M, the depreciation recapture is about 100,000. The selling expense is about 70,000, so my gain is 160,000.
My questions are:
1) is the net gain 100,0[phone number removed]0)?
2) among the net gain, I pay 25% on 60,000, and pay capital gain tax (18.8%) on 40,000?
3) will the gain (100,000) bring me to a higher tax level (for example 22% to 24%) even through the tax rates are different from my ordinary tax rate?
4) will the gain (100,000) trigger AMT (if last year's AMT is almost triggered w/o the 100,000)?
5) Can charity contribution help reduce taxes?
Thank you!
