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Updated almost 6 years ago,
How to calculate capital gains taxes
Need help calculating capital gains taxes if we decide to do a straight sale vs. 1031. Need to pull out some cash and thinking we want to get out of being landlords but need some good numbers to make our decision. Have about 1 week remaining on 45-day clock to identify replacement properties if we proceed with the 1031 (monies are in escrow with QI), so need to wrap this up soon. Ran it by two accountants with access to our returns and got wildly different estimates , though I think they treated carryover losses differently in their calculations. Any resources out there to get exact figures so we can make an educated decision? Willing to pay for time & expertise. No kids or heirs in the mix , and would likely invest the remaining cash in mutual funds. We have an idea of how much we’re willing to eat in taxes but need better figures to make an informed decision. Thanks!