Capital Gains Questions??
Hi all, looking for a quick lesson about capital gains tax.
Here goes:
I own two houses 1 is principal and 1 rental.
Purchased a third house for investment purposes but won't be ready for another year.
Looking to sell the rental property in a few months, since that is not my principal residence how much of a capital gain tax would I expect to pay? I guess my question is how is capital gains calculated? Just looking for a estimate so I can prepare myself for it.
If I sell my third property in a year's time would I have to pay capital gain again?
Any advice around property gains tax in my situation?
Any help is appreciated.
Here goes:
I own two houses 1 is principal and 1 rental.
Purchased a third house for investment purposes but won't be ready for another year.
Looking to sell the rental property in a few months, since that is not my principal residence how much of a capital gain tax would I expect to pay? I guess my question is how is capital gains calculated? Just looking for a estimate so I can prepare myself for it.
If I sell my third property in a year's time would I have to pay capital gain again?
Any advice around property gains tax in my situation?
Any help is appreciated.