How do Taxes work Selling an Investment Property?

[David Zheng]

Hi Guys,

quick question. So I'm looking to sell a condo I've only had for about 10 months. Going to use some numbers for examples with my questions at the end

100k purchase price  20% down 80k equity in it
closing costs for purchase were 5k
10k in Capital Additions
While working on the property it was vacant and therefore there were "losses" through tax, insurance, utilities, mortgage, etc.
lets say there was about 5k  in losses through monthly payments (8 months worth)
lets say I've also spent about 5k in maintenance

breakdown of cash in the deal is

Downpayment: -20k
Additions- -10k
Closing Costs: -5k
Total "Loss"- 5k

Maintenance- 5k


If I were to sell the house for $125k, Do I have to pay a capital gains tax (on the +25k) even if my total cash in on the condo is the same as the sale price? If so do I claim the other losses, maintenance, etc on my personal tax returns?

I would really like to just call it an even sale and not pay capital tax and also not have to report any losses on my taxes