Sell Now or Later

Expert, localized Los Angeles answers provided by Heather Roy

Sell Now or Later
	I have a rental in Ut and can sell it to avoid taxes since I lived in it with a gain of 40k by 06/09. If I keep it and then sell it later how do I calculate the taxes. It seems to me to sell it now. Thanks

	YOu'd better consult a CPA who can look at all the figures -- the answer lies in things I don't know, like how long you have owned the property and how much you have deducted as depreciation expense, and when that was done. Too complicated to explain here. It's worth exploring, and quickly, because if you wanted to get to closing by June, you'd need to sell right away.
	Edith Originally published on March 26, 2009

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