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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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I live in Florida What would be the estimated federal taxes

Customer Question

Good morning Pearl! My name is ***** ***** I live in Florida What would be the estimated federal taxes and penalties be on $85,000.00? Money pulled from non company based 401k investment. Thanks
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Purchased new home in Feb 2016 for approx. $500,000.00. Sold home in Feb 2016 for $310,000.00 using money from personal investment funds (stock, bonds, options, etc) so that I could put at least 30% as down payment. Received approx. $90,000 in sale of old home and applied to purchase of new. So I think I pulled at least $85,000 from the investment fund. Just trying to get rough estimate of tax burden for 2016. (And yes, I will have other deductions associated with preparing house for sale)
JA: Is there anything else important you think the Accountant should know?
Customer: Single, parent of 1 college student. Do have tax increase moving from Orange County, FL to City of Orlando tax structure. Not sure of total cost deductions associated sale of house, but I know that will reduce my tax liability in the end, somewhat.
Submitted: 8 months ago.
Category: Tax
Expert:  Mark Taylor replied 8 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. You mentioned that you sold a house. How long did you live in the home? What do you believe will be the gain from the sale of the home?