PLEASE HELP ME WITH TAX QUESTION

[JAMES222]

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?

[tedjr]

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.

[berkleycapital]

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.