please help to figure out the tax on sale

[Mary Jay]

Hi guys,

Will you please be so kind and help me out?

I bought a  rental property for 60K one year ago. I am selling it for 67K... So, technically I made a profit of 7K on it.

I am in a 30% tax bracket..So does it mean I will owe to the IRS roughly 30%  of that 7K? So in other words , about 2K will go to the IRS?

For simplicity, lets forget depreciation, expenses, etc...

Thank you