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Updated over 1 year ago,
help me calculate this capital gains
Looking to sell my current property for $710,000 balance remaining is $580,000. Purchased October 2021, so it has not been 2 years yet.
How much percentage capital gains tax will i pay?
Is the capital gains tax calculated based on the difference of my outstanding balance and and selling price? or
the difference between selling price and outstanding balance minus closing costs, commissions, etc?
what is the total capital gains i will be paying if i sell without doing 1031?
please advise i appreciate your help!