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USTaxAdvising
USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1085
Experience:  US Taxation specialist.
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I have a client selling a home....with the sale he will be

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I have a client selling a home....with the sale he will be taxed on about 1.2 mil of gains. His other income will not exceed $400k, but will the cap gain be added into his taxable income such that we will be taxed at 20% or will he be at 15%
Submitted: 1 year ago.
Category: Tax
Expert:  USTaxAdvising replied 1 year ago.

USTaxAdvising : Hello,Thank you for using justanswer. I can assist you with your questions today.
USTaxAdvising : The capital gain would be added to the taxable income thus increasing his tax bracket.
USTaxAdvising : Looks as though he will be in the highest marginal tax bracket. Thus the medicare investment tax of 3.8% will also apply.
USTaxAdvising : See link here for more information on the 2013 capital gain tax rates and the medicare tax - http://taxes.about.com/od/capitalgains/a/CapitalGainsTax_4.htm
USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1085
Experience: US Taxation specialist.
USTaxAdvising and 3 other Tax Specialists are ready to help you

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