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Please using Excel to solve this question. I have owned a rental property for 10 years and recently sold it for $287,000. The original purchase
Please using Excel to solve this question.
Please using Excel to solve this question.
I have owned a rental property for 10 years and recently sold it for $287,000. The original purchase price was $134,000 and the value of the land was $45,000 when the house was purchased. My CPA tells me that my tax rate on depreciation recapture is 25%, my capital gains tax rate is 20%, and my ordinary income tax rate is 35%. I depreciated the property based on a life of 27.5 years. What is my tax liability associated with selling the property?
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