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 Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I sold my Disney timeshare for $2000.00 more than I paid ...

Customer Question

I sold my Disney timeshare for $2000.00 more than I paid for it ... approx. how much will I owe in fed taxes on this sale?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

Hi and welcome to our site!
That transaction will result in long term capital gain - assuming you held the property more than a year.
While the actual rate will depends on your total income - for most taxpayers - long term capital gain tax rate is 15%.

Louisiana state income tax is extra - again the rate is based on total taxable income - generally it woudl be 4% on taxable income between $12500 and $50,000.
So - as a rough estimation - I would assume 15% for federal - $300 and 4% for state $80 on capital gain $2000.