Posted on: 19th Oct, 2010 05:21 pm
The property is in Orange County, CA. Seven unit apartment bought in 1989 for 465k and now selling for 1050k. Depreciation taken over 21 years is 300k. Have no records for capital improvements---Is it possible to use some percentage???
What would be total capital gain tax if sold in 2010.
There is a passive loss of 300k on a real estate RIET investment made in 2004.
All of this amount can be used to offset capital gain tax.
Can some one do a simple calculation. Make any assumption you like and explain, how you arrived at the tax number
What would be total capital gain tax if sold in 2010.
There is a passive loss of 300k on a real estate RIET investment made in 2004.
All of this amount can be used to offset capital gain tax.
Can some one do a simple calculation. Make any assumption you like and explain, how you arrived at the tax number
Hi imramkot,
The capital gains tax will depend upon the amount of profit you make from the sale of the property. As you won't be making any profit from the sale, you won't have to pay any taxes. For further information in this regard, you can contact a tax adviser.
Thanks
The capital gains tax will depend upon the amount of profit you make from the sale of the property. As you won't be making any profit from the sale, you won't have to pay any taxes. For further information in this regard, you can contact a tax adviser.
Thanks