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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10814
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Please, we have capital gain tax on off shore account, this

Customer Question

please
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: we have capital gain tax on off shore account, this was almost 3 years investment so it is longer than a year, i was wondering what is the capital gain tax on that income, we live in California
JA: Is there anything else important you think the Accountant should know?
Customer: no
Submitted: 4 months ago.
Category: Tax
Customer: replied 4 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Lane replied 4 months ago.

Hi. My name's Lane. I can help here.

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IF you are a U.S. tax resident (US citizen, green-card holder or pass substantial presence test) the you will be taxed (as it looks like you may understand) taxed at the lower long term capital gains rate.

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To provide a specific, numerical answer I would need to know your filing status (single married filing jointly, married filing separately, etc).

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And because the capital gain is one component of your total taxable income, I'd need to know the amount of the gain AND the amount of your other household income.

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Long-term gains are taxed at

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  • 0% if taxable income falls in the 10% or 15% marginal tax brackets
  • 15% if taxable income falls in the 25%, 28%, 33%, or 35% marginal tax brackets
  • 20% if taxable income falls in the 39.6% marginal tax bracket
Expert:  Lane replied 4 months ago.

Again, please let me know if you want to provide numbers so that I can calculate the gain for you .. OR if you have any questions at all.

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And if you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be appreciated!

Otherwise I receive no compensation for the work.

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Thank you,

Lane

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, a Master’s Degree, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986