View Full Version : capital gains tax on sale of my rental property
desbx58
I am looking in to selling my rental property. I have not lived in it for 18 yrs. What kind of tax and expenses I should expect on the equity gain I will receive ? Please advise me.Property is in CA. I live in WA.
Thank you.
clydewolf
Desbx58,
This is a rather complex issue to discuss here. And depending on the sales agreement, it can be even more complex.
I am guessing you are familiar with IRS PUB 527, Residential Rental Property.
If you have this pub or view it on line, it can help you get an understanding of how rental property is depreciated.
Also you should read IRS PUb 544, Sales and Other Dispositions of Assets. this pub is probably the main one you need to review for selling your rental unit.
IRS Pub 527, http://www.irs.gov/pub/irs-pdf/p527.pdf
IRS Pub 544, http://www.irs.gov/pub/irs-pdf/p544.pdf
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