How much in taxes will I pay if I sell????

Question

Hey everyone. I have a tax question for you. I bought a property in 2013 for 375k. I might have to sell now instead of my original plan to do a 1031 exchange. It was appraised for 405k. I owe about 305k still. Assuming it sells for 405k in new jersey how much in taxes am i paying approximately? Appreciate any help

Nick

Basit Siddiqi · Answer

@NIcholas Hamel@Michael Plaks is right - it is hard to determine what your tax will be. The only person who may give you a good guess would be your accountant.Some factors -What state do you live in/what state is the property located in?How much depreciation was taken on the property?What tax bracket are you in?What are the selling costs(if any)? $405k can turn into $380k after a 6% seller commission.etc

Zachary Ray · Answer

Wait until we hear the results of the election before giving up all hope on the 1031.

Michael Plaks · Answer

@NIcholas Hamel

Nobody can answer your question without knowing your overall tax situation for this year, your property depreciation history and your tax returns for 2013-2018. Anywhere from $0 to $25k, depending on all these factors.

NIcholas Hamel · Answer

@Michael Plaks. O wow i didnt realize how in depth it was. Thank you for the help

How much in taxes will I pay if I sell????

How much in taxes will I pay if I sell????

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