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Updated about 5 years ago,
What is the capital gains tax on an investment property in Fl?
So I purchased my first home in December 2017. It is a 3/2/2 in Tampa Florida. I purchased the home at $243,000 with a 3.5% down payment on an FHA loan. After having the opportunity to move into my parents house as the moves out of state, I renovated and rented out my property for the past year.
The property is now worth around $320,000.
I would like to sell the home with the hopes of purchasing a duplex or triplex with the equity that I’ve made.
The home is no longer a primary residence and I pay 4.7% interest as I restricted the loan to an investment loan.
I am a full time server at a restaurant who makes around $46,000 on paper. ( I imagine capital gains tax has some correlation with household income which is the $46k )
I would like to know what sort of taxes I would pay when I sell the home at $320k whilst I owe $235k.
I appreciate any and all comments and suggestions or advice