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 .
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1 Best answer
Hal_Al
Level 15
Jun 3, 2019 4:33:00 PM
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.
1 Replies
Hal_Al
Level 15
Jun 3, 2019 4:33:00 PM
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.