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Article Date:
September 2006


Word Count:
415

 

 

Taxable Parts of Rental Property Sale


First, I have been a subscriber for over 10 years… thank you! I have a rental property that I bought in 1995 for $118,500. I am about to sell it for $199,900 with $6,000 in closing costs. I will take back a second mortgage in the amount of $19,400 for five years at 10% interest. I have claimed $50,000 in depreciation deductions. How will this be taxed? (J.W., Grand Rapids, MI)

 

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