Selling rental property. Have some questions
February 5, 2013 4:52 PM Subscribe
I am selling a rental house and I have some questions about taxes etc. I know YANMCPA, but if you could point me to a place I can read some clear information, I would appreciate it.
I have owned this house since 2000. I lived there through 2008 and then rented it to my daughter from Jan 2009 until May 2012. It has been vacant and on the market since then and looks like its going to sell shortly. My questions are regarding figuring the capital gains. If I net 30K after all my expenses, what would the taxes be? How are the improvements I have done over the years factored in? Should I use my HELOC to pay off some bills to make my net proceeds smaller? The IRS website was not too helpful. Is there someplace else I can go to find clear explanations that won't make my head hurt? Thank you.