TikTok video #7431163621972987141

Hey, I just sold a rental property. How much am I going to owe in taxes on that? You will owe $15,687.62. Perfect. Thank you, accountant. My pleasure. Hey, I just sold a rental property. How much am I going to owe in taxes on that? I don't know. What'd you sell it for? $300,000. What'd you buy it for? $200,000. Do you know the amount of costs you spent on improvements on the property since you owned it? No. Do you know how much you paid in closing costs on the sale? No. Do you know how much you spent this year getting it ready to sell? No. Do you know how much depreciation you take on the property since you've been renting it out? Not a clue. How exactly did you think I was going to determine how much tax you're going to owe if you don't have, like, any of this information? Wasn't it just, like, a percentage that I'm going to pay taxes on for the sale? I mean, kind of. It's more of a conglomeration of a number of percentages. But without knowing the gain or the profit you have on the sale of this property, there's nothing for us to apply a percentage against to even guesstimate how much taxes you're going to owe on the sale. Oh. So what can I do to figure out how much tax I'm going to owe? Will you remember all those things I just asked you about? Yeah. Go gather all that information and give it to me, and then I can estimate it for you. Ah, okay. Sounds like a lot of work. Are you sure you can't just, like, give me, like, a quick little estimate on what you think it's going to be? Well, no. Go get the information. All right.