Capital Gains Tax
How do I figure out how much I might be charged for Capital Gains tax? I sold property in MI last May. I used some of the money to pay off the mortgage. Need advice.
Terry Says
This is the time to review your situation with a CPA — who can look at your entire income picture. The maximum rate is 20% — but it might be lower depending on your other income. And, if it is property, and if you took depreciation over the years, you might have to add that back in. So this is a very individual calculation. Please see a qualified tax advisor.
