Long-Term Gain

Jan 07, 2008 0 Replies

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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