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Put down $60k on house and expect to walk away with $85k after sale. Bought in 2017, rented out in 2018, and now on market in 2019. How much in gains is taxable?
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July 12, 2019
8:29 PM
last updated
July 12, 2019
8:29 PM
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Put down $60k on house and expect to walk away with $85k after sale. Bought in 2017, rented out in 2018, and now on market in 2019. How much in gains is taxable?
You'd owe capital gains on $25k, plus about 7% of purchase/in-service price (depreciation recapture) as ordinary income. Any improvements and costs of sale are deducted.
July 13, 2019
12:54 AM
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