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It seems as though you would owe long term capital gains tax on the $20,000 in profit. But, you need to add in the costs of purchase and any costs of sale, including the broker's commission. That alone might eliminate any taxes owed. Except that you took depreciation. When you depreciate rental Nike Zoom Basketball Shoes 2012 property, you owe a recapture of that depreciation back to the IRS at a rate of 25 percent. If you took $20,000 in depreciation, you'd owe $5,000 in recapture tax to the IRS.

Don't lose hope yet you might not have to pay much, or anything, on the $20,000. But for a more definitive answer, please check Nike Zoom Structure 20 Women's

Nike Zoom Basketball Shoes 2012

Figuring out capital gains tax liability on rental home

The key to understanding if you'll have to pay taxes on the cash you took out from the sale of the property is to understand how the actual profit will be calculated by the IRS.

I have sold the house. Is the gain going to be computed on the original amount I paid for the house or the final amount I refinanced in 2006? I didn't make a huge profit (after commissions/legal fees) when I sold, and the thought of paying 20 percent gains on the $20,000 difference between the original mortgage and the "actual" mortgage I owed currently makes me sick to my stomach!

The cost basis of a piece of property is typically the cost of purchase plus the costs of sale plus the costs of any capital improvements you made to the property during the time you owned it. Capital improvements include replacing the roof or floor or adding a room, but not painting and decorating.

Nike Zoom Basketball Shoes 2012

Nike Zoom Basketball Shoes 2012

Nike Zoom Basketball Shoes 2012

Nike Zoom Basketball Shoes 2012

Nike Zoom Basketball Shoes 2012

Nike Zoom Basketball Shoes 2012

Let's say you bought your home for $100,000 and then five years later took out a $50,000 home equity line of credit. You spent the $50,000 to replace the roof, build a deck and redo the front walkway. You started to rent the property and took $20,000 in depreciation. When you sell, you sell for $170,000.

Nike Zoom Basketball Shoes 2012

Nike Zoom Basketball Shoes 2012

the lottery and paid off the loan. Even if you sold the home for exactly what you paid for it, the loan you had on the home would not factor into whether you have a gain or a loss on the sale of your home. You will get lots of cash when you sell the home, but the more important numbers are the price you paid for the home, the price you sold the home for, capital improvements you made to the home, and other expenses relating to the purchase and sale of the home.

Remember, when you pay taxes on the gain from the sale of the property, the loan amount is generally not material. Consider if you purchased a home with 100 percent financing and later won Nike Zoom Clear Out 2017

than the mortgage you owed, which in itself is a huge accomplishment. Some 19 percent of Americans with mortgage remain underwater, meaning that their homes are worth less than the mortgage amount. That's an unacceptably high number.

with your tax preparer. If you have questions, you can call her radio show toll free (800 972 8255) any Sunday, from 11a 1p EST.

And then, there's the matter of how much you and your spouse earn annually and what other taxes you owe. If you earn more than $250,000 in combined income, you may owe another 3.8 percent tax on income above that level.

A: Millions of Americans had trouble selling during the Great Recession. The housing crisis meant there were too many homes available for sale and not nearly enough buyers. You were lucky you were at least able to rent your house so you could move on with your life.

Nike Zoom Basketball Shoes 2012

Now, property prices have rebounded in many places, or have begun to climb back. You've been able to sell your home for more Nike Zoom Run The One Black

Nike Zoom Basketball Shoes 2012

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