Capital Gains Form?
I am going to settlement for a property to be sold next week. I should be getting a check for 53K, but I had expenses in lieu of @ 16k. My Tax guy mentioned to me yesterday that I should ask for an expense type form at settlement. That way I can take out that 16K from the total so that I am not taxed on the whole kit and kabootal.
Two Questions:
What's the name of that form?
Exactly what percentage to I need to expect to be charged next year on capital gains?
Thanks.
Perhaps you should post your question in the Tax Strategies Forum.
oops...thanks