Short Sale - Capital Gains Question
I am trying to calculate the capital gains on a potential short sale.
I have a rental property in Florida, and I live and work in Colorado. I owe $145,000.00 on the property, and it will most likely short sell for $95,000.00.
I have an annual income of $40,000.00 a year, plus $9,000.00 in rental income -- so roughly $49,000.00 a year.
I've tried to use a few online calculators, but they aren't tailored to calculate short sales. Any assistance would be greatly appreciated. Thanks.