How do I calculate my capital gain?

[Account Closed]

I’m closing on the sale of a duplex on Friday, and I’m trying to figure out how much I will need to set aside for capital gains taxes. How do I figure out my cost basis? What expenses raise my cost basis? For example can I subtract closing costs out of my gain? I’m going to a CPA at tax time, but I need to send the estimated amount to the IRS at the and of the quarter. Any advice would be greatly appreciated. P.S. I know about the 1031 exchange. I won’t be doing one for a variety of reasons pertaining to my particular situation and goals.

[Michael Plaks]

Originally posted by @Account Closed:

 Is it accurate that if I don't sell my properties, I take all appropriate depreciation and I let the property go to my heirs, that they get the new cost basis of the then current value and have no capital gains to pay if they sell the properties right away?

 yes