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Tax on Rental Sale |
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If I sell my rental property, is the amount above original purchase price added to my current years taxable income? It's been a rental for approx .12 years and have depreciated accordingly. |
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Your profit on the sale will be taxed at favorable capital gain rates, lower than what you pay on your ordinary income. But figuring out the gain is much more complicated than just subtracting purchase price from the sale price. Among other things, past depreciation enters into it and must be "recaptured". Don't try to figure this out by yourself. You need a CPA and a professional tax preparer. |
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Edith
Originally published on August 24, 2007 |
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