Solved: If I sold a rental property , I need to pay taxes? or if I use this money for pay my main house and other rental property still I need to pay taxes .
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

If I sold a rental property , I need to pay taxes? or if I use this money for pay my main house and other rental property still I need to pay taxes .

 
1 Best answer

Accepted Solutions
Highlighted
Level 15

If I sold a rental property , I need to pay taxes? or if I use this money for pay my main house and other rental property still I need to pay taxes .

Yes. It doesn't matter what you did with the proceeds. The sale is reportable and will result in a reportable  capital gain or loss. A portion will be depreciation recapture; which is not subject to favorable long term capital gains tax rates.

View solution in original post

1 Reply
Highlighted
Level 15

If I sold a rental property , I need to pay taxes? or if I use this money for pay my main house and other rental property still I need to pay taxes .

Yes. It doesn't matter what you did with the proceeds. The sale is reportable and will result in a reportable  capital gain or loss. A portion will be depreciation recapture; which is not subject to favorable long term capital gains tax rates.

View solution in original post

Privacy Settings