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Updated about 6 years ago,
Calculating Capital Gains tax
what is the best way to calculate the tax due on the sale of investment property? I have had mixed results from different sites and would like a solid answer. They all seem to be pushing 1031 exchanges which I was not able to do for this sale. Please help!
Here are the numbers:
Purchase date: 8/2015
Sold: 6/2018
lived in property for 8/15 to 11/16(15 months); rented from 11/16 to 6/18(18 months)
Purchase price: $327,000
Purchase Settlement costs: $14,437
Improvements during ownership: $12,456
Depreciation taken during ownership: $23,349
Sale Price: $352,000
Sale Costs: $21,120
Remaining mortgage: $296,250
Cap gains rate 15%
PA state cap gain rate: 3.07%
Depreciation recapture rate: 25%
not sure if any other details are needed. please let me know if there is any others.