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View Full Version : How much will my capital gain taxes be?


jameslish
Jan 29, 2014, 08:12 AM
I bought a duplex house in 1985 for $56,000 an sold it in 2013 for 93,000 an 10 of those years were family occupied,I'm now retired how much will my capital gain taxes be??

AtlantaTaxExpert
Jan 29, 2014, 08:47 AM
By family, do you mean you and your wife, or other family?

If you and/or your wife, and at least two of those years happened in the past five years, you can EXCLUDE the income and pay ZERO taxes.

If not, you declare the sale and capital gains on Schedule D and probably pay 5% of the profit as long-term capital gains tax.

If you need professional help filing, this is what I do! You can email me at the email address in my profile.