Tax on Capital Gains

[Mia Edgar]

I need some quick tax knowledge.  I've currently accepted an offer of $760,000 on a property with a $655,000 loan.  My real estate agent is getting 5% about $38k so I'd have $64,000 in  capital gains.  How much of that will be going towards taxes?  Approx $30k?

I considered doing a 1031 exchange but with that little equity I feel like I would have a hard time finding that much value of property with such little equity and not much cash from the capital gains to make a bunch of down payments on different properties.

Thanks for any advice!

Mia

[Thomas Rutkowski]

Its impossible to know what your capital gain is without knowing what you paid for the property. Capital Gain is the selling price less your cost basis in the property. You haven't told us what you paid for the property. It also makes a difference whether it is an investment property or a personal residence.