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LisaBsmile · Joined: 25 Apr 2010 Posts: 1 1.25 Dollars($)

Purchased 15 years ago - paid 12000. selling for 20,000.
will net 18,000. What can I assume I will pay in capital gains taxes?
Thanks

jenkin7 · Posted: Sun Apr 25, 2010 11:14 pm Post subject:

Hi Lisa,

Did you do any major improvements to the property? If you did, you need to add that to the purchase price of the property. Subtract this amount from the net sale price (original sale price - cost of sale) of the property and you get the capital gains. The percentage of tax that will be charged on the capital gains will depend on your income tax bracket and the period of time for which you held the property.

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