I have an investment property that I am going to sell in January of 2002. It was originally my primary residence. I have owned the prop since February of 2001. I am going to make a profit of aprox. 70k. How am I going to be taxed on this? Please help. I have looked at the IRS site and can't find what I needSince we do not know your tax bracket (not counting the sale), we cannot give aprecise answer. But think of this: If you are in the 28% bracket (before the gain on sale), you would save $5,600 by delaying the sale for one month. If you moved back in and stayed until your time in residence was two years, you would save close to $20,000 in federal tax (plus whatever you might owe your state.
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 Rat