Katie is single and has sold a property that she purchased 5 months ago. Katie did not make any renovations or updates to the property and just listed and sold it. Purchase price: $ 140,000 Sold Price: $ 685,000 What will Katie need to prepare for when she files her taxes?

Answer rating: 100% (QA)

Capital Gains Tax When Katie sells a property she may be subject to capital gains tax on the profit ... View the full answer