how to calculate taxes on a sold rental

[Mary Jay]

Hi guys,

My 1031 exchange may fall aprat.

I am trying to figure out how much would I pay in taxes on a property that I sold?

I sold it back in May for 120K, I bought it for 25K back in 2009

I am in a 30% tax bracket

Am I calculating it approximately correctly?

120K

- 6k realtors commission

- 25k purcase price

89K is the profit (lets say 90K for simplicity)

So 30% of 90K is about 30K

Does it mean that I will have to pay to the IRS about 30K in taxes?