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Updated almost 7 years ago on .
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How do I calculate my capital gain?
I’m closing on the sale of a duplex on Friday, and I’m trying to figure out how much I will need to set aside for capital gains taxes. How do I figure out my cost basis? What expenses raise my cost basis? For example can I subtract closing costs out of my gain? I’m going to a CPA at tax time, but I need to send the estimated amount to the IRS at the and of the quarter. Any advice would be greatly appreciated.
P.S. I know about the 1031 exchange. I won’t be doing one for a variety of reasons pertaining to my particular situation and goals.
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Michael Plaks
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