To find how much you may pay in taxes if you sell a property you can follow this formula:
Take your Tax Basis
- (subtract) sale proceeds
+ (add) accumulated depreciation
= (equals) gain on the property
You may get taxed at 25% up to the accumulated depreciatiable amount and you may be taxed for additional gains at 15%.
This may change for your taxable income as well.
I do suggest that you have a CPA or accountant work with you but this should be an easy guidline.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125