2007-05-21 13:27:36 · 4 answers · asked by nordrack 1 in Business & Finance ➔ Renting & Real Estate
Unless you engage in a proper 1031 like kind exchange, you will be taxed upon the difference between what you paid for the property and what you realized from the sale of the property. Additionally, your 'cost' is reduced by any annual depreciation you may have taken on the building during your ownership. Hence, if you had paid $200,000 initially, but depreciated $15,000 over your term of ownership, you now have a 'cost basis' of $185,000, which would give you a taxable gain of $100,000, assuming you realize $285,000 from the sale. Bear in mind that any mortgage you owe on the property is irrelevant to determining profit/loss in such a transaction.
2007-05-21 13:34:14 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
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2016-07-19 13:00:43 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Rent-To-Own Homes - http://RentToOwnHome.uzaev.com/?ImpU
2016-07-12 04:48:18 · answer #3 · answered by Janette 3 · 0⤊ 0⤋
Better question, where and what is the property, and is cash OK??
2007-05-21 13:31:41 · answer #4 · answered by Timberuno 2 · 0⤊ 0⤋