What percentage do I have to pay in capital gains if I sell my home/rental property?

April 8th, 2010 | by admin |

I own a duplex and have lived in it for 9 years. I rent out the upper. I have my taxes set up as 60% for my living quarters and 40% for the rental portion. I am looking to sell this and by a single family home and want to know what kind of capital gains I will have to pay.

Unless you like sifting through IRS publications, I recommend seeking professional tax advice. TurboTax Premier might help you work through this too.

You will have to recapture the depreciation on that 40% of you home rented out. If your profit on you home sale is under $250,000, you don’t have to pay capital gains taxes. You will owe capital gains taxes on the recaptured depreciation. Good luck.

  1. 2 Responses to “What percentage do I have to pay in capital gains if I sell my home/rental property?”

  2. By Gaytheist Buddha on Apr 8, 2010 | Reply

    Unless you like sifting through IRS publications, I recommend seeking professional tax advice. TurboTax Premier might help you work through this too.

    You will have to recapture the depreciation on that 40% of you home rented out. If your profit on you home sale is under $250,000, you don’t have to pay capital gains taxes. You will owe capital gains taxes on the recaptured depreciation. Good luck.
    References :

  3. By Janet P on Apr 8, 2010 | Reply

    This is impossible for us to answer without looking at your tax returns for the last 9 years. I can make a guess that it will end up around 8% in capital gaines.

    Make sure you have a regular CPA do your taxes on this, not some part-timer bog box tax group.
    References :

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