Sales price $850,000. Loan balance $50,000. Owned property for over 5 years.
2006-10-25 02:10:52 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
It will depend on your basis in said property. You need the exact date you bought it, how much you paid for it, value of any improvements you made as to their undepreciated balance, yaddah. Anyway, when you arrive at a BASIS you subtract that from the 850,000 and that gives you a gain or loss. The long term gain goes on your Sch D and the tax rate is determined by the amount of gain and your bracket.
2006-10-25 03:30:33 · answer #1 · answered by acmeraven 7 · 3⤊ 0⤋
a million. There isn't any countrywide income tax. And if there have been, 20% might be a steep fee. Even Herman Cain best proposed a nine% fee. two. The property tax and "demise" tax are the identical factor. Estate taxes avoid the passing of small industry and household farms down by way of generations. The youngsters who can't find the money for the tax are pressured to promote the industry, on the whole to a bigger, richer operation (so much occasions, a enterprise). Estate taxes improvement the ones firms that you just uncover so evil, whilst destroying small industry and the household farm. BTW. When households are pressured to promote the industry, they then need to pay capital profits taxes. three. Are you presenting a flat tax on the whole lot? You sound like a Herman Cain supporter. four. I might have an interest to grasp a lot in federal revenue tax you will have paid ago yr. I wager it used to be ZERO! >'longhaired freaky man or woman' - There will have to even be a one hundred% tax on hippies, however one hundred% of 0 remains to be 0.
2016-09-01 02:23:42 · answer #2 · answered by brickman 4 · 0⤊ 0⤋
The loan balance is irrelevant.
How much did you pay for the building 5 years ago and did you make any improvements?
There is also the tax on the depreciation recapture which, in some instances, can be more than the capital gains.
2006-10-25 02:25:15 · answer #3 · answered by Wayne Z 7 · 2⤊ 1⤋
Any improvements that were made to the property will be deducted from your income, as well as the original purchase price.
The net gain will be added to your income in the same year.
With those unknowns, no one can answer your question.
Check with a tax accountant.
2006-10-25 02:23:18 · answer #4 · answered by ed 7 · 2⤊ 0⤋