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We purchased a property with a deserted shack from the state of Michigan for $3500! and replaces the cabin immediately for an additional $3,500. We are now selling for $12,000, what amount will be considered for capital gains

adonis · Posted: Thu Aug 12, 2010 9:21 pm Post subject:

Welcome Guest,

The amount of profit that you make by selling the property will be subject to capital gains taxes. You bought the property for $3500 and will be selling it for $12,000. Thus, you would be taxed capital gains on $8,500 ($12,000-$3500).

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