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Financial Planning / Tax Strategies


Subject:  Re: tax basis in real estate Date:  5/7/1999  6:37 PM
Author:  DonnaG Number:  15343 of 123001

You are close on how to calc the tax gain on the sale of your rental property. The taxable gain is the net difference between the net sales price (gross sales price less commissions, less any closing costs you paid for the buyer) less the tax basis. The tax basis is: Original cost PLUS closing costs not previously deducted (such as origination fees or property taxe