- My grandmother sold me her condo for $110K with a gift of equity of 22K and I pulled a 88K mortgage. Before I/we sold it I installed new carpet, paint, new sink.My tax would be based on (Sale price - 110K - realtor fees - improvements) = Y Then Y * .15(long term cap gains rate) equals tax. Also this amount Y would then be added in AMT calc'sIs this correct?Thanks for your guidance.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra