Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Personal Finance and Investing

OAITW r.2.0

(30,486 posts) Sat May 16, 2020, 12:22 PM May 2020

I have a question on Real Estate sales and tax implications. [View all]

I own a family property with my siblings that we want to sell. Assuming the sale happens, what is the tax implication to me? I am 67 and am interested in what I can expect for federal tax liability.

9 replies

= new reply since forum marked as read

Highlight:

I have a question on Real Estate sales and tax implications. [View all] OAITW r.2.0 May 2020 OP

Capital gain tax and ordinary income tax on any recaptured depreciation Cary May 2020 #1

Thanks! I was hoping that my age would give me some kind of taxbreak.... OAITW r.2.0 May 2020 #2

Your lower income may give you lower rates Cary May 2020 #3

Good info, thanks! OAITW r.2.0 May 2020 #4

Ideally, you had the property appraised when you inherited it. 3Hotdogs May 2020 #5

Keep in mind that whatever money you realize, PoindexterOglethorpe May 2020 #6

We know that... OAITW r.2.0 May 2020 #7

One can exclude $250,000 (single) or $500,000 (MFJ) progree May 2020 #8

Not unless it is a primary residence Cary May 2020 #9