How should I figure capital gains on real estate?

June 5, 2002


Subject:  capital gains
Date:  Fri, 17 May 2002
From:  LL

HELP, I am confused! I own one million dollars woth of real estate, have a house on the property, and have made 250 thousand in improvements to the 10 acres in 25 years. The buying cost was $140,000.

There's a $25,000 homestead exemption in Florida. How do I figure capital gains?

Thanks, LL in Florida

Answer

Date:  Mon, 3 Jun 2002

Hello LL,

Either get a referral from a friend or look up "accountants-certified public accountants" or an enrolled agent (EA) under "tax return preparation" in the yellow pages and pay someone to help you. That’s their function.

Good luck!
Mike Gray

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