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Capital Gains TAx |
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I own a house in NC and collect a rental. have ouned this property 5 years. Do I pay a capital gains tax and how do I compute this? I do not live in this property. |
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When you sell the house, if you have a profit you will owe capital gains tax, at favorable long-term rates. This will be complicated by recapture of depreciation you claimed or could have claimed on your income tax returns for the years you owned it. It's more than I can explain here.
As a landlord, you should have professional help with your tax returns all along. It can get complicated. |
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Edith
Originally published on June 4, 2008 |
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