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Updated over 3 years ago,

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2
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Harrison Dagger
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2
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CAPITAL GAINS TAX for long term investment property

Harrison Dagger
Posted

Hi. I live in Ohio. We had bought this house in 2010 for 150K as a foreclosure. We lived in it till 2015, moved out and rented it until 2020 summer when my tenant moved out. I have been renovating the house for the past one year and putting it on the market in a couple weeks. I practically lived in this house for the past whole year  -NOT we, as in my wife and I- ...

I am unemployed currently, since the pandemic started. My wife is employed with a salary of 70K meanwhile.

Assuming it sells for 300K, any idea what capital gains tax I am (or, we are) looking at? 

Thank you,

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