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 Phillip B, EA Your Own Question

Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 631
Experience:  Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
Type Your Tax Question Here...
Phillip B, EA is online now
A new question is answered every 9 seconds

How much tax will my wife and I pay on our vacation home where

Resolved Question:

How much tax will my wife and I pay on our vacation home
where we have a gain of 2,293,000?
Submitted: 1 year ago.
Category: Tax
Expert:  Phillip B, EA replied 1 year ago.
Thanks for using JustAnswer.com! I will do my best to provide you with a clear and concise answer to your tax question based on the information that you have provided.

The exact amount will on you other income. Capital gains are taxed at three rates, 0, 15, and 20 percent. The three rates are tied to your total taxable income and the regular tax brackets that would apply to you. If your regular taxable income is under the 15% regular tax bracket, you would use the 0% capital gains rate until your total taxable income reaches the 25% bracket, the 15% capital gains rate until your total taxable income reaches the 450,000 dollar mark, and the 20% capital gains rate on all gain that raises your total taxable income above 400,000 dollars.

For simplicity sake, I am going to assume the first 400,000 dollars is in the 15% capital gains bracket. However, the total tax could be larger because the higher your non-capital gain income the larger the capital gains tax. This would produce a Federal capital gain of roughly 605,000 dollars, and CA would take a 305,000 dollar cut.

If there are additional questions or concerns, please reply to this answer so that I may assist you further. If this answers your question, please rate my performance between OK and Excellent so that I may receive credit for my work. Thanks for your business.
Customer: replied 1 year ago.

Last years AGI was 764,934


Taxible Income was 584,742


Tax paid was 100,078 or 12.15% effective tax rate.


 


Does this help you get closer if these numbers are nearly this year?


 


Dave

Expert:  Phillip B, EA replied 1 year ago.
Thanks for the additional information.

The Federal rate will be 23.8% (including the Obama-care Medicare surtax on investment income) on the entire gain for a total of 545,734 dollars (my apologies for mis-entering the amount in the previous answer). The CA state amount is the same as the prior answer -- 304,969 dollars exactly.

Let me know if this helps.
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 631
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
Phillip B, EA and 5 other Tax Specialists are ready to help you
Customer: replied 1 year ago.

Phillip,


 


Where are you located? My daughter just received a request from the IRS for a complete audit. they requested to do it in her home. she lives alone and is scared to let a man come to her home. He wants to tour her house???


 


She needs representing at the audit. She lives in Salt Lake City.


 


Seems like you do this kind of work?


 


Dave

Expert:  Phillip B, EA replied 1 year ago.
I would recommend she go to the NAEA website (naea.org)and find a enrolled agent near her. Although I live in southern Utah, my agreement with this site prohibits me from taking engagements through website customers. I am involved in the Utah EA organization and I know there are quite a few great enrolled agents in SLC that would do a great job representing your daughter.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.