How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask USTaxAdvising Your Own Question
USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1236
Experience:  US Taxation specialist.
Type Your Tax Question Here...
USTaxAdvising is online now
A new question is answered every 9 seconds

I have a client selling a home....with the sale he will be

This answer was rated:

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%

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 -
USTaxAdvising and other Tax Specialists are ready to help you

Related Tax Questions