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Updated almost 9 years ago on . Most recent reply
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Long term capital gains tax
We are currently in the process of selling our condo here in Hawaii. We have lived in the condo for 18 months and then rented it out for a year. We know that there is going to be a long term capital gains tax and fees plus commission taken out. Can someone help us break down what our profit would look like after taxes, fees, and commissions are taken out. This is our first sale so we want to make sure we are making the right decision.
We owe $148k on the property and selling it for $245k. Is the capital gains tax taken out from the total sale?
Thanks in advance
Most Popular Reply
@Jordan ValdezI believe there is some sort of exclusion or proration you can get if you have to sell due to relocation but that might not apply if it was most recently used as a rental. @Steven Hamilton II do you have some insight here?