I think you have time as these are needed to be paid quarterly. I'd say waiting on CPA and better understanding your basis will help pay a better tax rate. I bet this would be a long term capital gain, look up what that is in your state, recall it is 15% for us. Do your own math or wait for CPA to do it.Thanks.....I'm just looking for a round about number that I need to send to gov't in total....what's the difference between basis and initial cost?
also i'm assuming you depreciated the property over the past 20 years? If so, you'll have to recapture some of that, 25% tax owed on the depreciation usually. Look at items that increase and/or decrease the basis.
Items That Increase Basis
Inspection and appraisal fees
Recording fees and owner’s title insurance
Real estate commission
Cost of additions or improvements
Assessments that increase property value
Items That Decrease Basis
Depreciation
Amount received for granting an easement
Casualty or theft loss deductions
IRS Publication 551 describes in detail the basis of assets, including cost basis and adjusted basis, for real property.
read more here:
https://www.stessa.com/blog/how-much-ta ... -property/
https://www.reliant-mgmt.com/real-estat ... eal-estate
https://www.propstream.com/real-estate- ... properties
Statistics: Posted by 4nursebee — Mon Apr 08, 2024 3:34 am — Replies 5 — Views 438