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Updated almost 4 years ago on . Most recent reply

John Spellman's profile image
John Spellman's profile image
John Spellman
  • Real Estate Agent
  • from NJ (nj)
  • Member since Nov 6, 2016
  • Posts 9
  • Votes 0
  • Experience 3 Yrs
  • Investments 1
Connect

User Stats

9
Posts
0
Votes
John Spellman's profile image
John Spellman's profile image
John Spellman
  • Real Estate Agent
  • from NJ (nj)
  • Member since Nov 6, 2016
  • Posts 9
  • Votes 0
  • Experience 3 Yrs
  • Investments 1
Connect
John Spellman
  • Real Estate Agent
  • NJ (nj)
0
Votes |
9
Posts
Tax, SDIRAs & Cost Segregation

How much tax will I owe

John Spellman
  • Real Estate Agent
  • NJ (nj)
Posted

Good morning my name is John and I own a rental property in Trenton NJ. I brought the property 2 years ago for 100k and made about 5k in renovations. The market is dictating that my property is worth around 150k and I'm listing my property for 160k. After I pay my mortgage and realtor fees I should have about 50k left over so my question is how much taxes will I have to pay on that profit?

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