Posted by Lloyd W. on October 25, 2003 at 22:54:54:
You will not have to pay capital gains tax on the portion of the 4-plex that was your principal residence. Tax will be due on the remained of the building. The amount of the tax will depend on your basis in the property.
How much taxes will I pay? - Posted by Jay (OR)
Posted by Jay (OR) on October 25, 2003 at 21:03:22:
If I sell a 4plex which I have lived in the last 2 years for $100,000 more than I paid for it($250,000 sale), how much taxes will I have to pay? Will I have to pay state/federal taxes also? Since I’ve lived there 2 years, I won’t have to pay capital gains tax right, but what about state/federal? Thanks, Jay
Re: How much taxes will I pay? - Posted by E.Eka
Posted by E.Eka on October 26, 2003 at 12:40:10:
Do yourself a favor and get yourself a licensed tax professional. You don’t want to make a mistake with a gain that big.
1/4 of the capital gain tax… - Posted by David Krulac
Posted by David Krulac on October 26, 2003 at 07:10:48:
would be forgiven because you lived in 1/4 of the property. That would approximately put your capital gain at $75,000 which for most people would be taxed at 15% which is $11,250 Federal. Depending on your state there could be state and local tax. (in Pa. the state income tax is another 2.8%.
And don’t forget recapture (Federal) at 25% of the depreciation taken.
see my recent post below at: