how to calculate the tax after a sale of a rental

[Mary Jay]

Hi guys,

Can you please help me out?

I am in a 30% tax bracket (not sure if this is important)

I  was thinking of selling 2 rentals.

1) Rental 1. 

Bought in 2009 for 25K, now its 100K

2) Rental 2.

Bought in 2021 for 145K, now its 190K

Both were rentals

Do I understand correctly, that the profit from each house will be taxed at 30% ?

For example, the first house: 

100k minus 25K purchase proce=75K is the profit.

30% of the 75K is 25K

So, if I dont do a 1031 exchange I will pay 25K in taxes just for that one rental. 

Is that correct?