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All Forum Posts by: Caleb Webb

Caleb Webb has started 1 posts and replied 2 times.

Buying & Selling Real Estate

Post: Capital gains question

Caleb WebbPosted
  • Posts 2
  • Votes 0
Quote from @Greg Scott:

There are many ways to avoid taxes, so nobody can give you a complete answer without knowing your entire tax situation.

If your only taxable item was selling this condo, you would owe long-term capital gains on the $150,000 plus ordinary income on depreciation recapture.

I’ve been renting since I moved out. I would be using the equity to purchase a new house for myself and my parents (they’re older now and need help)

0 Votes
Buying & Selling Real Estate

Post: Capital gains question

Caleb WebbPosted
  • Posts 2
  • Votes 0

I have a condo i bought about 8 years ago. I lived in it the first 2 years then had to move for work. I rented it out to a friend and have hardly made any profit after hoa and mortgage. It's worth about $150,000 more than I bought it for. My question is, would I owe the full 20% capital gains tax on that amount?

0 Votes