Taxes after selling a property

[Rigo Medina]

Hello everyone,

Would someone give me an idea of how much money to save for taxes after I sell my rental home?

When I sell my rental home this year, I will be taxed on my sale.  What percent of the sales profit does one save for taxes? I estimate that I will make $10,000 more than what I paid for the house back in year 2007.

Any input is welcomed.

[Daniel Hyman]

Rigo Medina Have you lived in the property for two out of the last five years? If so, you might qualify for section 121 exclusion, in which case the 10k would be excluded from your income.