Question : How does capital gains tax work on rental home sales? What is the percent in FL state?
we own a duplex in Fl.we lived in one half for 6 years then turned both sides into rentals. We now need to sell to stave off bankruptcy. How do we calculate the capital gains tax?
homes for sale in fl

Best answer:

Answer by Wayne Z
You don’t. You take it to a professional.

This is a rather complex situation dealing with adjusted basis, capital gains and depreciation recapture and the capital gains are taxed at a different rate than the depreciation recapture.

This is not something that you want to try on your own.