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socrateaser
socrateaser, Tax Attorney
Category: Capital Gains and Losses
Satisfied Customers: 39039
Experience:  Retired (mostly)
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I just sold my place in berkeley and after paying off my

Customer Question

I just sold my place in berkeley and after paying off my debt , taking out the one time $250,000, and putting in over $125,000 over the 20 years i lived there, my gain appears to be about $300,000. Im currently in the lowest tax bracket there is so I would like to know what I will be paying approximately in capital gains.
thanks
Todd
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  socrateaser replied 1 year ago.

Hello,

I calculate your tax liability as $33,900.00. California does not have a separate capital gains tax rate, so your income of $300,000 would put you in the 11.3% state tax bracket. For federal taxes, you would be in the 0% capital gains tax bracket, due to your very low earned income.

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Expert:  socrateaser replied 1 year ago.

Hello again,

I see that you have reviewed my answer, but that you have not provided a rating. Do you need any further clarification concerning my answer, or is everything satisfactory?

If you need further clarification, concerning this matter, please feel free to ask. If not, I would greatly appreciate a positive feedback rating for my answer (click 3, 4 or 5 stars) – otherwise, I receive nothing for my efforts in your behalf.
Thanks again for using Justanswer!