[qrb2000]

"if you sell a property for a profit what is the percentage owed in taxes say you paid 25,000 15 years ago for the property and sold it for a hundred thousand in 2010 how much would you owe in taxes. and what if you had to spend thirty thousand dollars of that money to pay off a debet befor you could close on the sale will that money still be considered taxable or not "

[ebaines]

You have a long term capital gain of $75,000 (based on a $100K sell price and a cost basis of $25K). The fact that you had to pay off an outstanding loan is immaterial. The tax you owe on this long term gain is 15% of the gain, or $11,250. This assumes that you are in the 25% or higher tax bracket for ordinary income; if you are in a lower tax bracket your long term capital tax rate may be 0%.