Sat, Jul 04, 2009
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selling rental property which capital gain bracket do I fall under? |
cloudly
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Posted: 13:39 on 06-10-2003
Hi , just wanted to know which capital gain bracket 15 or 5% i fall under if I sell my rental property? Here
are some information.
bought property in 1988 for 242k
says sold for 580k June 2003. Put about 100k of improvement.
ALso if u could tell me my state tax gain for this too. The unit is in California, I live there too.
thanks
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sisayako
109 Posts
Member Since: 03/06/2003
Centerville, UT
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Posted: 13:57 on 06-10-2003
I'm also dealing with the sale of some rental property so I know the feeling of Uncle Sam dipping into your pocket.  The best advise you'll be given is through your CPA. People like Tax Junkie could probably help you out but if you want real life numbers with your particular situation i'd definitely contact your CPA. If you don't have one GET ONE, they will save you headache and money. If your looking for one make sure they have experience with real estate investors or are investors themselves. Taxes are complicated, you have many many options when it comes to real estate. Definitely consult your CPA. Just my two bits.
Andy
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DaveT
2280 Posts
Member Since: 04/07/2002
Pawleys Island, SC
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Posted: 21:52 on 06-14-2003
For transactions on or after May 6, 2003 through December 31, 2007: The maximum net capital gains tax rate will be 15%. For those in the 15% tax bracket, maximum capital gains rate will be 5%.
On January 1, 2008, the 15% rate remains unchanged, but the 5%
rate goes to ZERO for 2008 ONLY. On January 1, 2009, the old 20% and 10% rates return.
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