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MyVirtualCPA, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 16580
Experience:  CPA with tax experience ready to help you with your capital gains and loss questions
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I need an accountant, cpa, california to ask a question.

Customer Question

I need an accountant, cpa, california to ask a question.
Submitted: 2 years ago.
Category: Capital Gains and Losses
Customer: replied 2 years ago.
HI, I want to find out what I would owe on a capital gain filing separate married, and joint married
Expert:  MyVirtualCPA replied 2 years ago.
Can you give some numbers to work with? The more specific you can be the better we can help you
Customer: replied 2 years ago.
Proceeds 384,866....Cost 6,606...Gain 378,260..we filed "joint married", I need to know what it would have been filing "single married, (I have no income), for personal reasons, I know it would be more, I just want to know what it would have been for the comparison, so I know by how much filing jointly saved me in taxes. I also want to know from our joint return if my filing joint benefitted my husband, as well, in any way, and by how much, if so, by marriage, the kids as dependents, any other offsets, and how they break down... Can I send the return securely, somehow, to can we do over the phone?
Expert:  MyVirtualCPA replied 2 years ago.
Well it's capital gains -- so, you would owe 20% on the gain, same as married filing joint (for capital gains) I cannot prepare your return for you -- also, the analysis you are requesting would be significantly more involved than the fee that the site gives me for this question. I will propose an offer and this will get you a general analysis of what your total tax is filing joint and filing separate. I have submitted an offer.
Customer: replied 2 years ago.
I already have my joint return done. I just wanted to know what it would have been if I filed separate married, instead. I think it would have been about 126k versus about 85k combined fed/state, I just wanted to verify, I don't need a return done or analysis, per se. just amount, to see if 126 is correct, for comparison.
Expert:  MyVirtualCPA replied 2 years ago.
My proposal was not for the return but for the analysis.