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Updated almost 5 years ago on . Most recent reply presented by

Mary Jay's profile image
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Mary Jay
  • from Glendale, Arizona
  • Member since Dec 17, 2017
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Mary Jay's profile image
Mary Jay's profile image
Mary Jay
  • from Glendale, Arizona
  • Member since Dec 17, 2017
Connect
Mary Jay
  • Glendale, AZ
226
Votes |
1,266
Posts
Tax, SDIRAs & Cost Segregation

please help to figure out the tax on sale

Mary Jay
  • Glendale, AZ
Posted

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

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