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Author Topic: PLEASE HELP ME WITH TAX QUESTION  (Read 4891 times)

Offline JAMES222

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PLEASE HELP ME WITH TAX QUESTION
« on: January 19, 2006, 10:45:44 pm »
Hi
Can anyone please tell me how much i can expect to pay to uncle Sam in capitial gains tax every time i sell a property?

Offline tedjr

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Re: PLEASE HELP ME WITH TAX QUESTION
« Reply #1 on: January 20, 2006, 07:00:10 am »
Howdy James:

Too many unknown variables. Here are some questions you need to answer: Is the owner a Corp. partnership, LLC or partnership What is your tax bracket. Do you have other losses to offset. Is it a long term deal or short term. Is it your personal residence or a investment deal. Any historical tax credits available. What is the cost basis, fix up cost, holding costs and profit if any. These are only a few of the questions a CPA will need to know.
Ted P. Stokely Jr

San Antonio, Texas

Offline berkleycapital

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    • Berkley Capital Partners- Real Estate Investment and Development
Re: PLEASE HELP ME WITH TAX QUESTION
« Reply #2 on: February 16, 2006, 05:41:53 pm »
As Tedjr said there are many variables that go into uncle sams tax bill. If you qualify for capial gains tax you should expect approx. 15% tax.

 




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