Taxes
my wife is 55 years old and thinking of selling her condo which is a rental property. she bought it in 1990 for $120,000 and can sell it for $230,000. what are the tax consequences, and is there an advantage for being 55?
If your wife sells the condo in a non tax-deferred sale, the profit due to appreciation will be taxed as a long term capital gain. The current maximum long term capital gains tax rate is 15%.
The profit due to depreciation taken since 1997 will be recaptured at 25%.
Age of the taxpayer has no bearing on the tax calculations.
But then again was it her or your primary during for 2 of the last 5 years? If so you may not be responsible for anything.