How much will we be taxed (%) on gains if we sell our vacation home that we have owned for 3 years? It is in Virginia.

[Anonymous_]

It is not possible to provide an accurate answer to your question without specific figures since the percentage will be dependent upon your other income as well.

Depreciation recapture (Section 1250 gain) is taxed at 0-25% while long-term capital gain is taxed at 0-20%.

There is also a 3.8% net investment income tax that could apply if your income exceeds a certain threshold.

Of course, state taxes apply and are another matter.

[TomD8]

Virginia taxes all capital gains as ordinary income.  You can find Virginia's tax tables on pages 35-43 of this reference:

https://www.tax.virginia.gov/sites/default/files/vatax-pdf/2022-763-instructions.pdf

[NCperson]

@amanda-schanberg - you will be taxed for the depreciation recapture (25%) and for the capital gains, which for most middle class people is 15%.  

Then there is state tax in VA and could be more in the state you live in depending on its tax rates compared to VA.

it's really hard to get any closer than that explanataion without a lot more information about your tax situation.  

The question you are asking is the real reason to complete a tax return: determine how much is owed, 

[Anonymous_]

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@NCperson wrote:

@amanda-schanberg - you will be taxed for the depreciation recapture (25%)............

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0-25%, depending upon other income.

[Hal_Al]

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 Gains/Losses (long-term) (long term capital gain [LTCG]).  Depending on how much total income you have, LTCG are partially taxed at 0%, 15%, 20% and/or 23.8%. 

Depreciation recapture is not a concern, for most vacation homes (unless you also rented it out).