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Married filing jointly with no dependents and using standard deduction means you have $55K of taxable income. That means the first $20,000 of capital gain will be taxed at 0%. The rest will be taxed at 15%.
It also depends on what you mean by investment property. If you claimed depreciation, over the years, the depreciation "recapture" is taxed at ordinary income.
For a more accurate estimate, you can 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 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%.
Married filing jointly with no dependents and using standard deduction means you have $55K of taxable income. That means the first $20,000 of capital gain will be taxed at 0%. The rest will be taxed at 15%.
It also depends on what you mean by investment property. If you claimed depreciation, over the years, the depreciation "recapture" is taxed at ordinary income.
For a more accurate estimate, you can 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 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%.
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