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welcome back to our Channel clear Valley tax my name is Brian Kim Im a certified public accountants and today we are here to talk about the sale of a rental property so the full equation for calculating this out is the sales price minus cost basis will equal your gain okay so theres three pieces right the sales price is straightforward the gain is straightforward its the cost basis that trips up everybody or nearly everybody so were gonna break this down for you okay so you have sales price you have cost basis and you have your game so the sales price thats a very straightforward if you sold your property for 400,000 then your sales price is 400,000 straightforward theres no tricks it is what it is its very straightforward cost basis okay okay cost basis here okay these are the things Im gonna have to read this one off okay so cost basis is the purchase price of the home okay how much did you purchase the property for plus the closing costs of when you purchased the home okay s
