Rental Properties and Capital Gains

[Samantha M.]

When you go to sell your rental property, typically how much do you lose to capital gains taxes? For instance I have a rental property we purchased in 2008 for about $60,000 after rehab and fast forwarding several years the fair market value of that house is about $115,000.

How would capital gains work in this case, I assume they will try and get me on the $115,000 even though I purchased it for $60,000. The amount in capital gains I have to pay, is that a percentage? I am not thinking about selling anytime soon, it just seems like if you are in the market to buy and hold and buy low and sell when the market recovers alot of your profit margin will be eaten away by capital gains.

Thanks everyone