All Forum Posts by: Rid Shah

Thanks @Jon Holdman

That was very helpful. So in your example, capital gain tax at 25% rate (capped at max ordinary income rate) would apply on $25000 ($125K-$100K). What rate would apply to $36,363 of gain?

I own a rental condo that I used to previously occupy. My income from rental property is largely offset due to depreciation. However, I can not show loss against my active income as my joint income is well above the threshold of 150K and I am not a real estate professional (so cant claim it nonpassive activity)

Should I still claim the full depreciation? my Income is unlikely to go below that threshold of 150K in next 2-3 years. I am likely to hold on to this rental condo as market are recovering for next 10 years. I would also like to purchase additional property. I usually do taxes by myself but open to going to cpa. What kids of questions should I ask to them if I were to hire them. Thanks in advance