In Sept 1999 I sold a piece of property. I did a 1031 exchange for a new piece of property that cost 299000.00. My basis in that exchange was 29000.00.
In April 2006 I sold that piece of property. After closing costs and realtor costs the net profit was $512,000.00.
Improvement costs, repair costs and other additons to the property were not capitalized. But deducted each year as the cost of doing business. (It was a 8 plex rental property)
Our total depreciation was 22,000.00.
What will be the capital gains tax that is due on this sale? I live in Colorado.
When is the capital gains tax due?
Thank you.
