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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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Sell house ,000. Bought ,500. Commission 39,000. Mortgage

Customer Question

Sell house for 650,000. Bought for 78,500. Commission 39,000. Mortgage outstanding 143,000. What percentage to Feds? What percentage to State-California?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Stephen G. replied 1 year ago.

Well, first you will need to provide some additional information.

Confirm that you are talking about your primary residence & you have lived in the home for two out of the previous five years ending on the day of sale.

Are you married so that you can file a joint income tax return?

What is your approximate estimated taxable income (after deductions/exemptions) without considering the sale for the year that you either sold or will sell your home.

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