We bought a property for $164,081 (HUD amount actual cost $159000, our money : $48000
We owned it for 4.2 years during which time we devalued the property to get a tax brake.
We still owe $91158 on the mortgage
We used the rents to do things like paint, ad air conditioning to a unit, make a 3 bedroom into a 4 bedroom ect..
We payed off the mortgage monthly with the rents. It was a 15 year loan, (3.75%)
We are now selling for a great profit of 340,000 (- $867 for closing costs)(-3.5% brokers fee)
We make enough with this sale that we are in the 20% capital gains bracket.
How much do we owe in taxes?
Dear Sir,
I am a professional accountant and i have friends who tax experts but being a new freelancer i want to get jobs and positive reviews so i will do this for you for minimum budget.
Thanks
$10 USD σε 1 ημέρα
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3 freelancers δίνουν μια μέση προσφορά $10 USD για αυτή τη δουλειά
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