Tax Help - Capital Gains

[Chris Burke]

I am looking into selling our rental property and potentially our primary residence. I need help walking through the potential tax implications of those sales. Looking to connect with an experienced tax professional to get some guidance. Thank you! 

[Basit Siddiqi]

Your gain is sales price less sales expenses less adjusted basis.
Your adjusted basis is purchase price plus improvements less depreciation.

Also factor in any passive loss carryforwards when calculating your gain.

Your CPA should be able to discuss with you what tax implications would be upon sale.

[John Mason]

Make sure to get a good but expensive CPA:)