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Originally Posted by slushi999
In February I sold a rental property with a gain of $50K. I have owned the property for 15 years. I have been depriciating the property during the tax time. What kind of tax implications, I will be facing?
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If it was a rental, you might have passive loss carryforwards, that might help offset the gain.
Assuming no AMT, this will more than likely be taxed at long-term capital gains rates for federal, and then whatever your state tax lumps on.
Safe estimate would be 25% of your gain should be saved for taxes.