Stock Losses Offset RE Gains
I have a condo that I am selling for 675k, my depreciation is 129k, I have stock losses carry over from pryor years of 152k. unrecaptured section 1250 Gain of $104k is subject to 25%, if someone would kindly show me how to go about computing the actual tax I sure would appreciate it. 15% is my capital gain tax basis.
Thanks, Lollie
If you complete Schedule D and Form 4797, you will answer your question.
Thank you DaveT for your reply, its so very complicated, my semi-accountant sent me a worksheet that I didnt understand. She was multypling my capital loss in stocks by 15% and deducting it from the total tax she estimated on the gain of sale of the property. I thought the total capital loss should have been deducted from the capital gain of the sale of the property, then the tax computed. I am a newbie, trying to learn tax stuff, and its hard, no wonder I pay someone else to do it, but if I have to pay out the arg, I would like to know if a 1031 is better, and of course it is, but....if I sell the timber on the land at more than what its valued to pay off debt, I still have a capital gain........argghhhhh
Quote:She was multypling my capital loss in stocks by 15% and deducting it from the total tax she estimated on the gain of sale of the property. I thought the total capital loss should have been deducted from the capital gain of the sale of the property, then the tax computed.The math still comes out the same.$100K capital loss x 15% = $15K
$200K capital gain x 15% = $30K
Tax on gain - Tax on loss = $15K
OR,$200K capital gain - $100K capital loss = $100K net gain
$100K net gain x 15% = $15K