I sold my second home/rental home for a profit after owning it for two years.
What would the tax rate be for South Carolina and Federal tax?
Also would I only pay on the amount after closing costs and all fees?
You'll need to sign in or create an account to connect with an expert.
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 (less expense of sale) 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 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%.
For a detailed write up on this complicated
topic see https://ttlc.intuit.com/questions/2593356-sale-of-rental-property-in-2014. You may want to use professional tax help when the time
comes, although TurboTax can handle it
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 (less expense of sale) 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 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%.
For a detailed write up on this complicated
topic see https://ttlc.intuit.com/questions/2593356-sale-of-rental-property-in-2014. You may want to use professional tax help when the time
comes, although TurboTax can handle it
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Tax_Lego
New Member
Patti2020
New Member
shieldsee
New Member
IndyCat
Level 2
jesuslovesrosie
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.