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gcrosano
New Member

I want to calculate capital gain on a sale of rental property sold 2019 thru turbotax. How do I do that?

 
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1 Reply
Carl
Level 15

I want to calculate capital gain on a sale of rental property sold 2019 thru turbotax. How do I do that?

You can't do that with the TTX program really. But it's simple to get a rough estimate.

What you paid for the property, plus the cost of any property improvements, minus the amount of depreciation taken on the property for the entire time you owned it, will give you your adjusted cost basis.

Then subtract that adjusted cost basis from your sale price and that will give you the taxable gain. This amount will be rough, because it doesn't take into account your sales expenses which on average, are around $5K give a take a bit.

How much tax you will pay on that gain depends on  whatever your total AGI will be for 2019, what tax bracket you fall in, how much depreciation is recaptured, and other incidentals that may or may not apply to you and your specific situation.

 

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