I was wondering what my capital gains tax would be? I live in Illinois. My husband had an automotive repair business. He passed away. I sold his building. We paid about $80,000 for it back in the 80's. I sold it for $216,000 .
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The tax on the sale of a commercial building depends on the amount of improvements that have been added, increasing your original investment (added to the 80,000)and the amount of depreciation that has been claimed over the years. You will need to hire a tax accountant who is familiar with commercial sales to find the amounts involved. -
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