Would I have to pay taxes on selling the property?

[Nick M.]

Hi All,

Hope this note finds you healthy.

I'm selling a property which at the surface would make it seem that I am making a profit. However, after taking into account closing costs (from purchase and then sale), CapEx I've put in over past few years, commerical broker fees, early loan payoff fee to bank (from sale), I'll be breaking even.

Question: Hypothetically assume I a purchased the property for $1M and am now selling at $1.3M.   Would I have to pay any tax on what appears to be $300K in profit?

Thanks!