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Updated about 8 years ago on . Most recent reply

capital gains on rental prop?
i paid 25k for a house in december of 2016. i was offered 59k today to sell. that's a 34k profit.
does my effective tax bracket when i file with my wife, effect my capital gains tax in this situation? i'm not looking for exact numbers, but what is a rough percentage i should expect to may on a property i owned for under one year?
is there a substantial difference if i wait longer than a year?
we have a combined income of 155k. my account is out of the office for another week. i'm here to see if i can find an answer.
thank you.