 tax on property sale? (by cavy68 [WA]) Jan 17, 2008 2:09 PM
 tax on property sale? (by mike [MO]) Jan 17, 2008 2:20 PM
tax on property sale? (by rcn [NH]) Jan 17, 2008 2:52 PM
tax on property sale? (by CAVY68 [WA]) Jan 17, 2008 4:08 PM
tax on property sale? (by mike [MO]) Jan 17, 2008 5:20 PM
tax on property sale? (by sean [OR]) Jan 17, 2008 6:04 PM
tax on property sale? (by cavy68 [WA]) Jan 18, 2008 3:05 AM
tax on property sale? (by stu [NY]) Jan 18, 2008 8:21 AM
tax on property sale? (by cavy68 [WA]) Posted on: Jan 17, 2008 2:09 PM
Message:
State Specific Question About: WASHINGTON (WA)
i recently sold a rental property with a profit of $44,000, my question is what will my taxes be on this and is there any grace period on when i have to pay the taxes? i sold it in june of 2007. --65.120.xxx.xx |
tax on property sale? (by mike [MO]) Posted on: Jan 17, 2008 2:20 PM
Message:
depends.
assume this is an individual or LLC tax entity and not Corp or something else. Tax filing will be due April 15 and you can get extended another 6 months. However - you will get hit with a penalty in some cases ir you dont pay the tax bill - oops too late already I think --24.107.xx.xx |
tax on property sale? (by rcn [NH]) Posted on: Jan 17, 2008 2:52 PM
Message:
without knowing how long you owned it, etc.
my guess is your in for this to the tune of 8-10k...
good luck --166.68.xxx.xxx |
tax on property sale? (by CAVY68 [WA]) Posted on: Jan 17, 2008 4:08 PM
Message:
i owned it for 17 years, i will just have to wait for my tax man to run the numbers, i was just wondering! --65.120.xxx.xx |
tax on property sale? (by mike [MO]) Posted on: Jan 17, 2008 5:20 PM
Message:
worse than you thought when you add in the depreciation recapture for those 17 years --24.107.xx.xx |
tax on property sale? (by sean [OR]) Posted on: Jan 17, 2008 6:04 PM
Message:
was it always a rental, or did you live in it at all in the last 5 years? --75.212.xxx.xxx |
tax on property sale? (by cavy68 [WA]) Posted on: Jan 18, 2008 3:05 AM
Message:
i lived in it one year, it was a rental the rest. --24.17.xx.xxx |
tax on property sale? (by stu [NY]) Posted on: Jan 18, 2008 8:21 AM
Message:
You will have to pay capital gains tax. Take your basis,minus deperication= adjusted basis. then you take sold price minus cost of sale = reofit. Land isn't depricated; so you pay on 1231 gain. on the house you will pay a higher tax rate on your 1250 gain ( from rapid deprecition) the IRS WILL recapture this from you. see a senior tax advisoe at H&R Block or pay a cpa at lot more. I worked for block for 15 years. I hope you haven't spent all that money. --64.136.xx.xxx |
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