Tax consequences of selling a rental?
This is a "what if" scenario. When the time comes, we WILL see a professional. I'm just trying to get a general picture at this point.
If we sell a rental house (there's no mortgage), I know we pay a capital gains tax (15% I believe). After we pay that 15%, will the sale push our income into an upper bracket?
Or does paying that 15% capital gains tax fulfill our tax obligation?