Tax implications for selling rental property Hi. My wife and I have owned a condominium in San Mateo, CA for eleven years and are seriously considering selling it. My real estate agent suggested getting some advice before taking that step. We have rented out the property since 2010 and have no plans to move back in for two years to avoid taxes nor do we plan to buy a different rental property. From what I understand and have read about the sale will be subject to capital gains taxes (not sure what rate), but is there anything else we should be considering from a tax perspective? We're not desperate to sell but it just doesn't seem worth it anymore when you factor in high property taxes and being taxed on the rental income which is basically like having another full-time money earner living with us. Any help or advice is appreciated.
Thanks!
Dan |