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Updated almost 8 years ago,

User Stats

55
Posts
3
Votes
Robert Hastings
  • Philadelphia, PA
3
Votes |
55
Posts

capital gains on rental prop?

Robert Hastings
  • Philadelphia, PA
Posted

i paid 25k for a house in december of 2016. i was offered 59k today to sell.  that's a 34k profit. 

does my effective tax bracket when i file with my wife, effect my capital gains tax in this situation?   i'm not looking for exact numbers, but what is a rough percentage i should expect to may on a property i owned for under one year? 

is there a substantial difference if i wait longer than a year? 

we have a combined income of 155k. my account is out of the office for another week. i'm here to see if i can find an answer.

thank you. 

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