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Posted by a12vman on January 7, 2008, 6:31 pm
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I am about to sell a rental property that I purchased and rehabbed in 2005.
Here are the specifics:
Orig Basis(Purchase + Improvements Less Land) From 2005 $30,864.00
Cost Basis(Includes Recapture from '05/'06/'07 + Selling Costs)
$28,185.00
Selling Price
$47,500.00
Gain = $19,315
Can anyone tell me how much of a Long-Term Gain I will have on this sale?
1040 AGI for this year is $86K, Taxable Income is $59K
Thanks in Advance,
-a12vman
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