sales tax bankruptcy
How does capital gains tax work on rental home sales? What is the percent in FL state?
we own a duplex in Fl.we lived in one half for 6 years then turned both sides into rentals. We now need to sell to stave off bankruptcy. How do we calculate the capital gains tax?
You don’t. You take it to a professional.
This is a rather complex situation dealing with adjusted basis, capital gains and depreciation recapture and the capital gains are taxed at a different rate than the depreciation recapture.
This is not something that you want to try on your own.
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