All Forum Posts by: Mark Glade

Eric, sorry for the confusion. I was trying to describe what will be be a profit for me, after the loan is paid off. 

It sounds like I will only pay the capital gains on the $28k above my original purchase price of $200k.

And i did take depreciation on taxes starting in 2018. So not sure if that makes me pay more or less after the sale goes through.

Hello all, Quick question for you "experts" here. I have a rental property in GA that I'm looking to sell. 

I've owned it since 2004, when i paid $200k for a brand new home. I have rented it out since 2016. My mortgage balance is $70k and I have an offer from current tenants to sell at $228k. My profit will be roughly $158k.

Do I pay capital gains on this rental if my net profit is less than what i purchased the home for ?

Thanks , Mark