Alternatively, inheriting the property and doing an internal buyout (where your wife and you buy out the other heirs) might allow you to bypass some typical closing costs.Renovating and Flipping: If the home is in need of significant repairs, getting an accurate estimate of the renovation costs before making an offer is critical.

So, if I budget 5% for vacancy, I can readily beat that budgeted estimate.4.

They should keep detailed records, including photos of damaged property, repair estimates, and receipts for items like cars and appliances.

The appraised value is exactly what I estimated, as well as the market rent and expenses.

What is the estimated value today, what is the current balance on the bridge, what is your current score, what is the current gross rents.Be happy to help discuss.ThanksCraig

.), we estimate that we will be about to increase our savings from about $600 per month to about $2,000 per month.4.

Calculate Capital Gains:• Selling Price: $290,000• Basis: $166,667• Capital Gain = Selling Price - Basis = $290,000 - $166,667 = $123,333Depreciation Recapture• Since no depreciation has ever been taken by any owner, there will be no depreciation recapture to consider in this case.Final Capital Gains Tax Calculation• The total capital gains that Person C will be liable for upon selling the property will be $123,333.Summary• Capital Gains for Person C: $123,333• Depreciation Recapture: $0 (since no depreciation was taken)My QuestionsIs the above estimated capital gains tax correct?

I would use the lower estimate if you want to guess, but why guess?

I'm not sure the premium vs the basic version (I only have premium) but for any property, I can itemize the purchase price, current value, tag the associated mortgage, my assumption on appreciation, its rental income, all of its expenses (including taxes, yearly mainteance, capex, insurance, HOA, property management, depreciation and other), its estimated sale timing/and fees. 

You can also look at Schedule E, which connects to depreciation, though it won’t show the exact cost basis.Since depreciation affects the final cost basis, you might want to ask your CPA for a summary of your properties' bases to save time in the future.They should have a system where we can give you not just the basis but also a detailed gain (and estimated taxes) calculation within a day.