If y sell an apartment that cost me $50.000 in 1975 for $ 320.000 how much y have to pay in taxes?

Question

If y sell an apartment that cost me $50.000 in 1975 for $ 320.000 how much y have to pay in taxes?

Answer 1

Depends on whether this is an investment property or your primary home.



Primary homes allow for a gain of up to 250,000 if you are single, 500,000 if you are married.



If this is an investment, you will have to pay capital gains if you do not do a 1031 exchange. There are formulas to calcualting your gain and applicable taxes.



You can also choose to do a 1031 exchange, and defer capital gains taxes into another investment property.



Here's a link to the capital gains calculator on my site:

http://www.nnnstore.com/1031_capital_gains_calculator.php

Answer 2

You have to take the capital improvements into account.



I also need to know if you are the sole owner of this apartment or if it is jointly owned.



I cannot provide an answer unless you include all the necessary information.

Answer 3

Also, if you are taking that money and using it to purchase another home, it makes a BIG difference.