Hi Sir, I was sold out my rental property , it has purchase in 2014 $100,000 and 2021 $210000 sold out, the repair cost is $50,000 and depreciation is $3,000/pre yr , we are MFJ tax rate so how to calculate the capital gain? pls help. Thanks
Brain Teaser for you. True or False? There is an income level where generating additional income as long term capital gains will cause more tax than generating the same additional income as short term capital gains or ordinary income.
You example of primary residence 2 of 5 years is not accurate if you ever rented the house or used it as a second home for any period. Simple example. Bought the home as a vacation home and then converted it to a primary residence after 3 years. You then sold it 3 years later. You bought it for $500k and sold it for $750k. You would pay tax on half the gain.
Hi Sir, I was sold out my rental property , it has purchase in 2014 $100,000 and 2021 $210000 sold out, the repair cost is $50,000 and depreciation is $3,000/pre yr , we are MFJ tax rate so how to calculate the capital gain? pls help. Thanks
Brain Teaser for you. True or False? There is an income level where generating additional income as long term capital gains will cause more tax than generating the same additional income as short term capital gains or ordinary income.
You example of primary residence 2 of 5 years is not accurate if you ever rented the house or used it as a second home for any period. Simple example. Bought the home as a vacation home and then converted it to a primary residence after 3 years. You then sold it 3 years later. You bought it for $500k and sold it for $750k. You would pay tax on half the gain.