The 2006 tax bill has been tabulated.
It's over $11,000.
Ouch!
But it gets worse: my attorney/tax-preparer/financial guru/mom informs me that if I sell this property in 2007 I will realize short-term capital gains which will do two nasty things: first; it will force me to pay estimated taxes (based on 2006 earnings) before the end of the year and, second; drive my tax rate up to somewhere perhaps close to FORTY PERCENT.
Anybody got an aspirin?
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