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Updated over 6 years ago,
Capital gains (sorry if repost)
Hi,
I am in the process of selling a rental property. this was formerly my primary residence (3 of past 5 years) and has been rented for 2 years. it is paid off and I will net around $130k prior to taxes. my household income is around $100k and I now own a second home with a mortgage.
My question is, will I be subject to capital gains tax? If so, how much? I want to be sure to set aside enough to pay my taxes. I live in Texas if that changes anything.
Thanks!