How much capital gain tax do I have to pay on a commerical that was forclosed by the bank?
I sold my small commerical 2 years ago at 230k (with a cost basis of 60K) and did a 1031 exchnage to a larger commerical proeprty with a group of friends with my share of the new loan is $ 530K. Now the property has been forclosed by the bank because of the economy and I loss all my investment. Do I have to pay capital gain on the loan with the bank? I am in the 22% income tax rate. Please help.