For example, I have a 70k W2 job and one rental property bought at 275K.
Every year, rental property generate income 8k, depreciation 10k,expense 3k total loss on rental property is -5k, I use it to offset my W2 income. so my adjust gross income was brought down to 65k
I hold the house for 15 years. In year 15, the house was sold at 375k.
Gain= 375K-( 275k-10k*15)=250K tax as capital gain
Ordinary income = 10*15=150K
Suppose I still make 70k 15 years later, In year 15, My ordinary income would be 220k, my capital gain would be 250k.
right?
Every year, rental property generate income 8k, depreciation 10k,expense 3k total loss on rental property is -5k, I use it to offset my W2 income. so my adjust gross income was brought down to 65k
I hold the house for 15 years. In year 15, the house was sold at 375k.
Gain= 375K-( 275k-10k*15)=250K tax as capital gain
Ordinary income = 10*15=150K
Suppose I still make 70k 15 years later, In year 15, My ordinary income would be 220k, my capital gain would be 250k.
right?
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