What would my tax be on $70K in capital gains?

Question

It's on investment property. Is it considered "long term"?

Answer 1

Depends on how long you've had the property. If less than 1 year it's short term and would be taxed at your regular tax rate. If it's long-term it would be either 15% or 5% depending on your tax bracket (5% for those in the 10 or 15% bracket). Also, you might be subject to tax on depreciation recapture if you had any accelerated depreciation, which could be as much as 28% tax rate. And of course you also have state taxes to consider, but since I don't know what state you are in, I can't tell you about those taxes.

Answer 2

The maximum long term gain tax of the investment property is 5% or 15%.
If the regular tax rate that would apply is 25% or higher, the capital gain tax rate is 15%
If the regular tax rate that would apply is lower than 25%, then the capital gain tax rate is 5%.
In your case it will be 15%.

Answer 3

It is long term if you owned it for over 1 year.

Answer 4

15% if you owned it over 1 year, your regular tax rate if owned less then a year (if you made 70K on it, you're in the 25% or higher brackets).

Answer 5

If it's long term, 15% or $10,500. If short term, would be taxed at whatever your tax rate is if it were ordinary income.