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Which means that even for those who purchase a home for $600k and sell it for $550k, you should still owe taxes when you have been depreciating it for a few years. The 12 months you promote the house, you need to pay tax so the government can ‘recapture' the entire depreciation you claimed over the past X years that the property has been a rental. It was breath-taking"…almost 50% of the profit" would go to State, local and Federal taxes. Paid 2 half of% to listing and shopping for agent every. |
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