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In completing our MISSION, Members will aim at: Protect human life as the actual priority. keep up with the highest ethical and legal standards. Treat all this kind of career dignity. NJ taxes capital gains very similar to ordinary income, Which subject to your tax bracket could be as high as 8.97%. I wonder if what your accountant means is that you've been taking depreciation for many years, and therefore the tax cost basis is now quite low perhaps near $0. So now going to pay 8.97% on the distinction between the selling price and your tax cost basis is equivalent to paying 78% of the actual gain (Meaning the differece between cost and what you originally paid for the property) is that