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Updated almost 4 years ago,
Selling rental house. Need nelp pls
The basis of house is 52,000. I rented it out for 13 yrs. I recieved $2,000 per year depreciation. My income for this year is $35,000 PLUS the profit of the house (I paid 55k selling 125k) 70000. I will pay realator $5000 and closong costs $1500. I live in Wi.
how much do I owe for depreciation recapture for fed and state?
how much do I owe for capital gains for fed and state? Ty