2 actual questions. 1. Does my AI generated process seem right. 2. If the sell date is 11 December 2024 when do I have to write the IRS a check?
Background: MFJ pushing top of 22% tax bracket.
Sell Price$345,000
Fees$- 23,000
Expenses$- 10,000
----------------------------------
$312,000
Purchase$110,000
------------------------------------------------------
$202,000
Depreciation*
Recapture$-80,000 at personal income rate 22% is$17,600
Capital Gain ($2020,000-$80,000) equals$122,000 at 15% rate is$18,300
Total Tax due$35,900
*Depreciation is really a swag as I have not dived into two things yet 1) when the rules changed (some is subject some my not be) and 2) the rule for active military.
Background: MFJ pushing top of 22% tax bracket.
Sell Price$345,000
Fees$- 23,000
Expenses$- 10,000
----------------------------------
$312,000
Purchase$110,000
------------------------------------------------------
$202,000
Depreciation*
Recapture$-80,000 at personal income rate 22% is$17,600
Capital Gain ($2020,000-$80,000) equals$122,000 at 15% rate is$18,300
Total Tax due$35,900
*Depreciation is really a swag as I have not dived into two things yet 1) when the rules changed (some is subject some my not be) and 2) the rule for active military.
Statistics: Posted by Stoic9 — Tue Sep 17, 2024 2:34 pm — Replies 2 — Views 173