Sorry -- now that I have your attention
. All you savvy RE people, please help me.
It looks like the property I have in San Diego is finally going to sell. This is the first time I have sold RE w/o rolling the cash to other properties.
How will this be taxed? I know I can deduct my purchase price - can I deduct the real estate commission and other improvements that I made after initial purchase? Any other deductions?
This final dollar amount after allowed deductions will be taxed at 15% - correct?
The money from this sale is going to add to my bucket #1 (sorry you non bucketeers
) and add to bucket # 3 -- very exciting
Thanks in advance