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gayannboxing | If I bought my rental property for 118,000 thousand and sold it after 5 years for same price would there be an? |
any capital gains tax for federal, state or anything else? |
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yourtabo
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If you've taken depreciation on the rental property, which most taxpayers do in order to get rental losses year after year, then you'll have to recapture the depreciation when you sold your rental. Basically, your basis in the property is very likely not going to be $118,000 even though that's how much you paid for it. Basis has to be adjusted every year due to depreciation, improvements made, and other factors. If solely based on depreciation, your tax on this transaction could be in the thousands.
If you incurred this transaction, it's best to let a tax expert do your return because of the complications in calculating basis. If you don't have other very complex financial transactions, then a preparer at Jackson Hewitt should be able to help you. |
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v b
 |
Yes--you owe income tax on the gain that came from depreciation. At 5 years, you probably had $15,000 to $18,000 of depreciation.
Rental property is reported first on form 4797, THEN on schedule D. |
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Tax Lady
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You need to recapture the depreciation to determine any possible capital gain. But in five years, did you make any improvements or major repairs on the property? The cost of those would be added to the basis. You may not owe anything, but you need to examine your records carefully. |
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Ali M
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Yes, because your property basis will is reduced by depreciation taken out every year.
Example;
Property purchased at $118,000
Land value $18000
Straightline Depreciation = (Rental Property Cost - Land Value)/ 27.5 yrs
($118000 - $18000) / 27.5 yrs = $3636 Yearly Depreciation Expense
$3636 X 5 = $18182 Total Depreciation
$100,000 - $18182 = $81,818 Adjusted basis of property
$100,000 - $81818 = $18,182 Capital Gain
Note;
You must remember to increase your basis if you made any major property improvement . |
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ninasgramma
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Yes, you will probably have a gain on the property. You have to determine your basis in the property. If you made improvements to the property (major remodel, new roof), add that to your purchase price. If your property was residential real estate, building only worth $118,000, five years of depreciation, about 21,000, is deducted from your basis.
So with no improvements, your basis is $97,000 and your gain is $18,000. This gain will be taxed at a maximum rate of 25% because it is recaptured depreciation.
The gain will also be taxed at the state level.
The above is for the building only. The land would be treated as a separate capital gain property, taxed at a maximum of 15%. Since you are selling the property at the same price, you may have no capital gains on the land. |
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Judy1
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Yes there would, since you would have, or could have, taken depreciation in the meantime. You'd be wise to have a professional, a CPA or Enrolled Agent, do your return for the year of the sale - and take them the copies of all of your returns while you owned it. |
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Jss
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If you did not have any profit, you should still report this sale on schedule D (Form 1040).
Only if it is your main home and owned it for two years and lived for two years in past 5-years, then you can exclude gain of up to $250,000. You do not need to report the sale.
Read: http://taxipay.blogspot.com/2008/03/profit-from-sale-of-your-home.html |
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RUSerious
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