I will have capital gains of $120,000 and depreciation recapture of $32,000 on a rental unit. Salary income - $75,000. What will the tax rate be sale of the property?
I will have capital gains of $120,000 and depreciation recapture of $32,000 on a rental unit. Salary income - $75,000. What will the tax rate be sale of the property?
Filing status?
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
I will have capital gains of $120,000 and depreciation recapture of $32,000 on a rental unit. Salary income - $75,000. What will the tax rate be sale of the property?
I will have capital gains of $120,000 and depreciation recapture of $32,000 on a rental unit. Salary income - $75,000. What will the tax rate be sale of the property?
From a base salary of $75,000, the recapture is taxed at 25%, and the remaining long term cap gains is taxed at 15%.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
I will have capital gains of $120,000 and depreciation recapture of $32,000 on a rental unit. Salary income - $75,000. What will the tax rate be sale of the property?
Try
this tool https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1. Enter your regular income first to see the
regular tax. Then add the sale to see the effect.
Enter the difference between the sale price
and what you paid for it originally as a long term capital gain (LTCG). Enter
the depreciation you've taken over the years (depreciation
"recapture") as other income. Depending on how much total income you
have and you marital filing status LTCG are partially taxed at 0%, 15%, 20% and/or 23.8%. Depreciation
recapture is taxed at your marginal rate, but not more than 25%.
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