Capital gain tax

[Ernest Badalov]

Hello everyone,

I’m in Wilmington, NC and I’d like to know what would be my long term capital gain tax on a rental property that I own for 3 years, assuming that my household gross annual income is $82,000. In my particular case, the home was purchased for $214,000 in 2020 with a potential sale price of $350,000 now. Are there Fed and State taxes on this sale? How those taxes are calculated? Is there a min annual income to pay $0 tax? Do I use gross annual income or my AGI for the calculation?
Appreciate all your responses,

Eric

[Sean O'Keefe]

@Ernest Badalov some good answers here, but odd that no one mentioned you could avoid capital gains taxes and depreciation recapture on selling your rental property if meet the requirements for a 1031 exchange on sale.

I guess this demonstrates that people answer the questions you ask. This is why it is dangerous if you don't know what you don't know.

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