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Updated over 7 years ago on . Most recent reply
Capital Gains Tax or Income Tax paid on Transaction
Hey Everyone,
need some help here. Does anyone know how I can find out what capital gains tax or income tax my seller would be charged on a specific deal I am in the works with right now? Seller wants to know how much they will pay in taxes and pocket after the deal. This deal is in Indianapolis, Indiana. zip code 46228. Seller is in the 30% tax bracket.
Thanks ahead of time for the help!
Terone
Most Popular Reply
- Tax Strategist| National Tax Educator| Accepting New Clients
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The capital gains they pay (Assuming it'd be sale of a rental property) will be determined by their personal income tax rate. I would say advising a potential seller on their tax liability as a wholesaler isn't super appropriate and your best bet would be referring them to a local CPA. Nothing kills a reputation faster than providing incorrect information.
