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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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I cashed $24k of investments. I own my home, but have no

Customer Question

I cashed $24k of investments. I own my home, but have no income. I am 70 years old. Am I liable for taxes, and how much?
Submitted: 9 months ago.
Category: Tax
Expert:  Mark D replied 9 months ago.

Hello, where these IRA or 401K funds, or investments sold outside of an IRA or 401K?

Customer: replied 9 months ago.
I'm not sure. I have very little experience with investments of this type. All I know is that the BP portfolio has been in the family for about 100 years. The Putnam Investments portfolio was opened in 1975 or 1976 to provide extra income. But neither of these was an IRA or 401K, that I know of.

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