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Updated over 7 years ago on . Most recent reply

Sam Marcos's profile image
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Sam Marcos
  • from Tampa, FL
  • Member since Apr 18, 2017
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Sam Marcos's profile image
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Sam Marcos
  • from Tampa, FL
  • Member since Apr 18, 2017
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Sam Marcos
  • Tampa, FL
29
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49
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Tax, SDIRAs & Cost Segregation

Capital Gains on Sale of a Rental

Sam Marcos
  • Tampa, FL
Posted

My parents bought a house 10 years ago before the bubble.  They bought it for $180k.  They rented it for 10 years.  Now they sold it for $195k.  What is the capital gains?

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Jay Patadia's profile image
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Jay Patadia
  • Investor / CPA
  • from Somerset, New Jersey
  • Member since May 5, 2017
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Jay Patadia's profile image
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Jay Patadia
  • Investor / CPA
  • from Somerset, New Jersey
  • Member since May 5, 2017
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Jay Patadia
  • Investor / CPA
  • Somerset, NJ
13
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Jay Patadia
  • Investor / CPA
  • Somerset, NJ
Replied

Sam,

To determine that first you need to see what is the basis of the property? were your parents taking depreciation deduction (reduce basis) or any major improvements(increase basis). Gain/Loss is calculated based on Selling Price - Basis.

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