USA capitol gains tax

[Dave W]

I will soon sell a commercial building and will have to pay capitol gains tax. Is this tax a straight % from dollar one or in tiers? first $10,000 5%, next $10000 10% next $10,000 15% etc?

This is after original cost of the building, repairs, improvements maintenance (Please advise other deductions). Is a mortgage or the interest deductible. I had to use my credit cards to pay RE tax and repairs, is the interest deductible? Is there any legal ways to lower the final tax bill? One accountant told me that the first $32,000 of the selling price is deductible?

Your help is greatly appreciated.

Dave

 

[maarkr]

so this is a personal gain and not thru a business? is it a long-term gain? The tax rate on most net capital gain is no higher than 15% for most taxpayers. U should talk to a a tax pro about the sale.