Re: NEED HELP TO CALCULATE PROFIT - Posted by Laure
Posted by Laure on November 06, 1998 at 06:02:20:
Have your payments come from cash flow? or from your pocket? You need to call your accountant and ask him what your taxable gain is… Also, I would suggest a 1031 exchange to save you from your taxes, but that would mean having another property to purchase within 3 months of sale and hiring an attorney. My expenses usually are 2500 to 3500 on a transaction like this. Without further info, if you are in the 28% tax bracket, looks like you will profit 10,774.00. But that is rough. Looks like I would hold out for a better offer, if I were you. Or carry back a loan instead of coming down so far on your price. Unless I have missed something, you would be giving everything away.