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 Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
16356563
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

I sold my single family home, that had been rented out, last

Customer Question

I sold my single family home, that had been rented out, last May 12 for $305,000.00. I purchased the house October 11, 2005 for $385.000.00, with a down payment of $359,000.00 from a previously 1031 exchange property. The principal payoff was $184,621.21. Thus the principal income was $99,928.76, less $10,157.00 paid to California's Franchise Tax Board for Capital Gains Tax.
Here is my question: How much Federal capital gains tax do I owe? Let me know if you need additional information. My phone number is(###) ###-####
Submitted: 2 months ago.
Category: Tax
Expert:  Irwin Law replied 2 months ago.

Hello. I'm somewhat puzzled by your numbers. You say that you purchased the home for $385k and sold it for $305k. That sounds like at least an $80k loss to me. Please clarify why you think you have a capital gain at all. Thanks.