How much is capital gains tax in Florida? I am selling a rental property and need to know the amount liable.
How much is capital gains tax in Florida?
I am selling a rental property and need to know the amount liable.
For federal tax purposes, you would have to fill out form 4797 to
calculate your taxable gain from the different types of property
you sold. For example, if this is a rental property partially
used for your personal use, the answer is quite different than if
this is a commercial warehouse you rented out.
The tax rates can vary from a low long term capital gain rate of
5% - 15%, or ordinary income rates, or 25% for certain residential
rental property.
I recommend seeing a local tax professional whenever you place
rental property into service or dispose of that property.
And Form 4797 is deceptively simple looking but can be quite
involved and messy. Be aware you might have to recapture
depreciation taken on the property.