Capital Gains on Income Property - Posted by Deb Van

Real Estate Investing
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Posted by David Krulac on June 08, 2005 at 22:03:10:

long term capital gains is 15% Federal for most people, 25% recapture income tax on depreciation taken. Long term is more than 1 year.

or do a 1031 and defer the tax, rolling over your profit into another real estate investment.

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Capital Gains on Income Property - Posted by Deb Van

Posted by Deb Van on June 08, 2005 at 18:03:02:

Hi everyone,

I had posted some questions a while back on capital gains tax in re of owner occupied real estate. However, I’d like to find out if the same rules apply to income property.

We are considering purchasing some condos in Myrtle Beach in an LLC to rent out. If we keep them for two years and then sell, are we exempt from capital gains or do we have to do a 1031?

Thanks,
Deb