Posted by John K. Haslach, CPA, MST on January 24, 2005 at 04:36:50:
Any depreciation you took on real property is recaptured at 25%. Depreciation you took on personal property is recaptured as ordinary income.
Capital Gains Question - Posted by Kathy
Posted by Kathy on January 22, 2005 at 16:53:12:
Hi All:
Have read some conflicting info, so am hoping for clarification! Here is the deal: I am selling a rental I have owned for 10 years (purchased for $35000 - sell price 80000). Assuming that I am in the 28% income tax bracket, what will my capital gains tax rate be?
Along the same lines, is the tax due at close or at the end of the year, along with regular tax return?
Finally, how does the fact that I have depreciated this property on my taxes each year figure into the senario?
Thanks for any help!
Re: Capital Gains Question - Posted by chet
Posted by chet on January 23, 2005 at 15:34:29:
Not a CPA just from personal experience.
it would be long term cap gain at 15%, unless 1031’ed or or planning.
At end of the year unless you won’t have enough on tax paid in, then make an estimated tax payment.
read about Depreciation Recapture. That was the most consufusing aspect for me.