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Updated about 3 years ago on . Most recent reply

Scott Sewell's profile image
Scott Sewell's profile image
Scott Sewell
  • Investor
  • from Anchorage AK and Hampton, VA
  • Member since Nov 18, 2012
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140
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82
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Scott Sewell's profile image
Scott Sewell's profile image
Scott Sewell
  • Investor
  • from Anchorage AK and Hampton, VA
  • Member since Nov 18, 2012
Connect
Scott Sewell
  • Investor
  • Anchorage AK and Hampton, VA
82
Votes |
140
Posts
Buying & Selling Real Estate

Is there Income tax on sale proceeds from a Multifamily Property?

Scott Sewell
  • Investor
  • Anchorage AK and Hampton, VA
Posted

Need some help Guys!

We've asked two Accountants and gotten two different answers to the question above. So let me define this hypothetical a little further:

On a multifamily sale (strictly investment property), after paying Uncle Sam depreciation recapture, and capital gains taxes, do the balance of the proceeds become income (and added to our 1040), and thus taxable at our personal rate?

Thx in advance,

Scott

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