Capital Gains tax, Doesnt make any sense - Posted by Kertis

Posted by randyOH on April 20, 2010 at 14:32:00:

  1. Was the 30k the selling price or the gain? If selling price, what was your tax basis in the property?
  2. Did you have to pay any AMT?
  3. What state are you in?
  4. How did you come up with the 18k number?

Capital Gains tax, Doesnt make any sense - Posted by Kertis

Posted by Kertis on April 20, 2010 at 10:44:30:

I sold a property for $30,000 last year and purchased another property for the same amount, last year… Did my taxes this year and had to pay 18,000 in capital Gains tax… Is this a ripoff or what? I dont understand…