turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Can I get an estimate of my capital gain tax for the sale of a rental property?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Hal_Al
Level 15

Can I get an estimate of my capital gain tax for the sale of a rental property?

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%. 

View solution in original post

2 Replies
Hal_Al
Level 15

Can I get an estimate of my capital gain tax for the sale of a rental property?

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%. 

Can I get an estimate of my capital gain tax for the sale of a rental property?

Ok ... you will not just have cap gains ... you also have ordinary income from the depreciation recapture. 


You CANNOT massage the .tax file in any way when using the TTax On-Line version. ANY changes (what-ifs) that you make will PERMANENTLY change your .tax file. 

You have 2 options: 

Create a new On-Line account for each 'what-if' that you want to try. In TurboTax Online, you'll have to create a test account separate from your regular TurboTax account and create a test return there. We recommend adding "test" or similar to your User ID so you can easily distinguish it from your actual account.  

OR

Buy the Desktop version and install it on your computer --you can download the .tax2017 file from your On-Line return and use it to open your Desktop version. (You CANNOT upload the .tax2017 from a Desktop return to work in the 2017 On-Line version.)  The Desktop version CAN do 'What-If' & test return scenarios. 

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

>>> In the TurboTax CD/Download software by creating a test copy

1.  Open your return in TurboTax. 

2.  From the File menu, choose Save As. 

3.  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name). 

4. Click  Save. You are now safely working in the test copy and anything you do here will not affect the original. 

 https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

 

>>  use the WHAT IF tool: 

- Click Forms Icon (upper right of screen) or Ctrl 2 (forms view) 

- Click on the Open Form Icon 

- In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form 

- You will see the worksheet on the right side of the screen; enter the information right into the form 

- To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies