Capital Gains and Losses

Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP

Ask an Expert,
Get an Answer ASAP!

Regarding capital gains. I anticipate a gain of 1 million…

Customer Question
Regarding capital gains. I anticipate a...
Regarding capital gains.
I anticipate a gain of 1 million plus after basis.
What would my tax obligation be?
Submitted: 11 months ago.Category: Capital Gains and Losses
Show More
Show Less
Ask Your Own Capital Gains and Losses Question
Answered in 1 hour by:
8/3/2017
Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 11 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Capital Gains and Losses
Satisfied Customers: 2,612
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Hello, My name is***** am a Certified Financial Planning ® Professional. I am also registered with the IRS and have obtained a valid Preparer Tax Identification Number.

Your tax obligation would depend in part on your filing status and Adjusted Gross income.

Long-Term Capital Gains --2017

For taxpayers in the 10% or 15% tax bracket--0% Capital Gains Rate

For taxpayers in 25%, 28%, 33%, 35% tax brackets--15% Capital Gains Rate

For taxpayers in 39.6% tax bracket--20% Capital Gains Rate

Ask Your Own Capital Gains and Losses Question
Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 11 months ago

You may also be subject to Net Investment income tax 3.8% and 0.9% medicaid

Ask Your Own Capital Gains and Losses Question
Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 11 months ago

In general, investment income includes, but is not limited to: ***** ***** capital gains, rental and royalty income, non-qualified annuities, income from businesses involved in trading of financial instruments or commodities and businesses that are passive activities to the taxpayer (within the meaning of section 469). To calculate your Net Investment Income, your investment income is reduced by certain expenses properly allocated to the income

Ask Your Own Capital Gains and Losses Question
Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 11 months ago

For more information about how you may be affected by Net Investment Income I have provided a popular link to the IRS Q & A below.

https://www.irs.gov/uac/newsroom/net-investment-income-tax-faqs

Ask Your Own Capital Gains and Losses Question
Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 11 months ago

If you do have further questions or needs further clarification please let me know and I would be happy to extend my answer.

Please rate my service if you have NO further questions by using the stars, or faces on your screen and clicking submit.

I hope you feel that I provided you with 5 Star services and I look forward to working with you in the future.

Regards,

Chad CFP ® professional

Ask Your Own Capital Gains and Losses Question
Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 11 months ago

Hello,

Are you satisfied with the Answer you received?

If you are satisfied with the Answer, please accept the Answer and rate my service. Accepting the Answer and Rating my service cost you nothing extra, but does notify JustAnswer that I have completed my assigned work.

If you have any follow up questions please don't hesitate to Ask.

You can rate me by using the stars, or faces on your screen and clicking submit

I look forward to working with you in the future and I hope you feel that I provided you with 5 Star services

Regards,

Chad CFP ® professional

Ask Your Own Capital Gains and Losses Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Chad EA, CDFA®, CFP® Your Own Question
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Capital Gains and Losses
Satisfied Customers: 2,612
2,612 Satisfied Customers
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA

Chad EA, CDFA®, CFP® is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

R. Klein, EA

R. Klein, EA

Enrolled Agent

263 satisfied customers

Over 20 Years experience in resolving tough tax cases

jgordosea

jgordosea

Enrolled Agent

173 satisfied customers

As an Enrolled Agent you can be ensured of my competence in income tax matters.

PhillipB EA

PhillipB EA

Accountant

130 satisfied customers

Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation

Arthur Rubin

Arthur Rubin

Tax Preparer

77 satisfied customers

Over 22 years of tax preparation experience.

Bill-the-CPA

Bill-the-CPA

Certified Public Accountant (CPA)

55 satisfied customers

Seasoned professional with over 15 years in public accounting. Income, sales and property tax. Also accounting/tax software.

FredStevens

FredStevens

Accountant

37 satisfied customers

Experienced in business, accounting and tax planning for individuals, small/medium sized businesses and non-profit organizations

Shane-CPA

Shane-CPA

CPA, PFS, CGMA

11 satisfied customers

Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant

< Previous | Next >

Related Capital Gains and Losses Questions
I inherited land from an uncle in Canada in 1958, I'm
I inherited land from an uncle in Canada in 1958, I'm thinking of selling this land. What will my tax obligations be, I'm a resident of the US. … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
A friend wNTS TO SELL HIS HOME PAID 27,000 AND WIL SE FOR
a friend wNTS TO SELL HIS HOME PAID 27,000 AND WIL SE FOR APPROX 350,000. HIS WIFE PASSED IN 2014 AND MAKES APPROX 30,000 PER YEAR. . WHAT WOULD HIS CAPITAL GAINS BE ? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,423 satisfied customers
My house selling for about 2 million, my equity is 1 million
My house selling for about 2 million, my equity is 1 million and all cap gain. Roughly, what are my calif state and federal cap gain taxes. Or, how can I find out? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
CERTIFIED FINANCIAL PLANNER ®, Professional
2,612 satisfied customers
If a parent in Ontario Purchased a house or condo in 2014
If a parent in Ontario Purchased a house or condo in 2014 and at the same time added her children as joint tenants so as not to pay probate taxes, what would be the cost basis for the children upon de… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,423 satisfied customers
I am wondering if I can avoid capital gains when I sell my
I am wondering if I can avoid capital gains when I sell my condo, valued at 1.1 million. I am retired and have a very small income. I read that if you make 38,000 taxable,not gross, you can avoid payi… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,423 satisfied customers
Our mother is setting up her estate/will to sell her
Our mother is setting up her estate/will to sell her property to be divided up between her 4 children equally. She's own the property for 66 years with no debt on it. If she sells for cash how do we a… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,327 satisfied customers
How do i determine my net gain? is my basis based on value
how do i determine my net gain? is my basis based on value at time of my divorce or my original purchase amount. do i deduct mortgages from sale price to determine my net gain … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Family sold an apartment building for $6M and my cut was
Family sold an apartment building for $6M and my cut was $1.2M. The building was purchased under an LLC and help for 16 years generating rental income. Will this be taxed as income or capital gains?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,327 satisfied customers
I'm selling a house in Old Greenwich, CT. million dollars. I
I'm selling a house in Old Greenwich, CT. For 1 million dollars. I owe 400,000.00 on it. How much will I have to pay?… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
My motherinlaw gave her 250,000 coop to her son and my wife
My motherinlaw gave her 250,000 coop to her son and my wife seven years ago.she had purchased the Coop in 1965. She continued to live in it until recently when she had to move to an assisted living fa… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
76 satisfied customers
Client inherited house before mother died. Can you verify
Client inherited house before mother died. Can you verify that the client's basis is the original cost plus improvements from the mother? Thank You, Fred… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
Anyway i can find out what the capital gains tax amount to
anyway i can find out what the capital gains tax amount to be paid after the sell of my condominium in emerald isle nc and how to reduce amount?… read more
abci168
abci168
Principal
27 satisfied customers
I owned a home jointly with my mother. She has passed away
Customer: ***** *****. I owned a home jointly with my mother. She has passed away and had not paid the taxes The house was sold at sheriff sale and I received a check from proceeds of sale. Will I owe… read more
Arthur Rubin
Arthur Rubin
Tax Preparer
Doctoral Degree
77 satisfied customers
We own a business in which I have one third partnership. we
We own a business in which I have one third partnership. we acquired it for 1.0 million. If we sell it 4.5 millions today how much capital gain I (one third partner) have to pay if my income is 150K a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
This is about an investment club. It is set up as a
This is about an investment club. It is set up as a partnership. One partner is cashing in her investment. Each partner's worth is determined by how much money is put in. This partner received her per… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
609 satisfied customers
. I transferred my fathers home into my name 2 years ago
Hello. I transferred my fathers home into my name 2 years ago for estate planning purposes. This was done in case he passed it would be easier to sell and avoid probate fees. He has always remained th… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,423 satisfied customers
My folks have sold their farm ground recently for $3,000,000
My folks have sold their farm ground recently for $3,000,000 to an oil company. The land was purchased in approx. 1961 for $100,000 ($50,000 by my dad and $50,000 by his brother) and was farmed by my … read more
abci168
abci168
Principal
27 satisfied customers
I hold a 25 year first mortgage on property I sold 5 years
I hold a 25 year first mortgage on property I sold 5 years ago. The remaining amount owing on the mortgage principal and interest is $1,613,842., at the end of next 20 years. If I sell this mortgage f… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x