What can you tell me about calculating capital gains on real property?

Answer by  Schistosomiasis (61)

Briefly, capital gains are calculated as: amount you sold the property for, minus the amount you paid for it, minus expenses related to improvement (not maintenence). This can also be adjusted for depreciation; for homes the depreciation is 5%/year.

Answer by  withluck (1745)

Calculating capital gain obligations can depend on a variety of information for your individual situation. You should see your CPA before selling real estate to get an accurate idea of the amount of tax obligation you will have. If you do not have a CPA, take last years tax return to a CPA and they should be able to help.

Answer by  Derbyboo (442)

Capital gains are easily calculated by taking the net price you paid for the property and subtracting it from the price at which the property actually sold.