Capital Gains and Losses

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

Ask an Expert,
Get an Answer ASAP!

Tell me about capital gains in state i plan sell my home and…

Customer Question
Tell me about capital...

Tell me about capital gains in washington state i plan sell my home and make a profit of $700,000

Accountant's Assistant: I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Please tell me more, so we can help you best.

What are washington states capital gains the a home that was purchase in 1982

Submitted: 8 months ago.Category: Capital Gains and Losses
Show More
Show Less
Ask Your Own Capital Gains and Losses Question
Answered in 5 minutes by:
9/16/2017
Tax Expert: Lane, JD, CFP, MBA, CRPS replied 8 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Capital Gains and Losses
Satisfied Customers: 14,197
Experience: Have been providing Financial and Tax advice for 30 years.Concentration in Corporations, Estate, Income Tax and Business Planning
Verified

HI, MY NAME’S LANE - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

Ask Your Own Capital Gains and Losses Question
Tax Expert: Lane, JD, CFP, MBA, CRPS replied 8 months ago

As of now HB 2186 in Washington State has not passed, so there is no capital gains tax at the state level. The bill has faced serious opposition and many claim that it invalidates the State constitution.

...

Here's the legislative history to date:

...

2017 1ST SPECIAL SESSION

Apr 24

By resolution, reintroduced and retained in present status.

2017 2ND SPECIAL SESSION

May 23

By resolution, reintroduced and retained in present status.

2017 3RD SPECIAL SESSION

Jun 21

By resolution, reintroduced and retained in present status.

...

At the federal level there is a 250,000 exclusion on capital gains tax for a primary residence ($500,000 for a couple fiiling jointly).

...

Capital gain = sales price - basis ... where basis is purchase price plus any improvement to the house.

...

The amount of gain above that exclusion is taxed at the lower long term capital gains tax rate here:

...

Long-term gains and qualified dividends taxed at

  • 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
Ask Your Own Capital Gains and Losses Question
Tax Expert: Lane, JD, CFP, MBA, CRPS replied 8 months ago

SO, depending on how you file, if you file jointly, based on your information, 200,000 of the gain would likely be taxed at 15%. If you are a single filer (700000 - 250000) = 450000 of the gain (depending on your other income) would still likely be taxed at 15% - possibly some of it at 20% and a small portion would have the additional 23.8% ACA medicare surplus tax.

...

If you'd like to tell me how you file, and your other income for the year, I can run the numbers for you. I'm attaching a table that illustrates how capital gains and other income interact.

Ask Your Own Capital Gains and Losses Question
Tax Expert: Lane, JD, CFP, MBA, CRPS replied 8 months ago

Here are the tables

Ask Your Own Capital Gains and Losses Question
Tax Expert: Lane, JD, CFP, MBA, CRPS replied 8 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

Ask Your Own Capital Gains and Losses Question
Was this answer helpful?
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Capital Gains and Losses
Satisfied Customers: 14,197
14,197 Satisfied Customers
Experience: Have been providing Financial and Tax advice for 30 years.Concentration in Corporations, Estate, Income Tax and Business Planning

Lane 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. We are residents of Florida. We have sold a home in
we are residents of Florida. We have sold a home in Wisconsin that we have had ro 43 years. We have made many improvements over the years. When do we pay the capital gains tax to state of Wis.. The closing was May 18,2018. … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 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, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 satisfied customers
I received a rental property as a gift. The tenant damaged
I received a rental property as a gift. The tenant damaged the property and i had to repair it. I did not haendve the money to do so. I asked my friend who gifted to me to pay for the repairs untill i… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I SOLD FARM GROUND RECENTLY AND GETTING OUT OF BUSINESS, IF
I SOLD FARM GROUND RECENTLY AND GETTING OUT OF BUSINESS, I'M WONDERING IF THERE IS A AMOUNT OF TAX EXEMPTION ON CAPITAL GAINS? … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I need to know how much my gains will be when I sell my
I need to know how much my gains will be when I sell my rental property. … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,197 satisfied customers
Will the 20% pass thought be used with CG. Real Estate I am
will the 20% pass thought be used with CG JA: What are the assets or property involved here? Customer: Real Estate I am a Land lord JA: Anything else you want the Accountant to know before I connect y… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
217 satisfied customers
I will receive a buy-out of my shares of a company I have
I will receive a buy-out of my shares of a company I have run as President since 2007. I made the investment to buy shares in 2009. I am retiring & so will have 5 months income for the 2018--or about … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 satisfied customers
Married and selling a house we own with our son. Home is
Married and selling a house we own with our son. Home is son's primary residence. We don't plan on buying another house within 2 years and although son won't have a cap gain issue, we will. How can we… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Can you deduct mortgage interest from capital gains on
Can you deduct mortgage interest from capital gains on investment property ? … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I live in GA. I sold land in Texas and there was a Capital
I live in GA. I sold land in Texas and there was a Capital gain. Is the capital gain income excluded form GA state income tax? … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I just sold several businesses and have a profit of 5
I just sold several businesses and have a profit of 5 million before taxes, most of which will be considered capital gains. What is my expected tax liability with the new tax law and what investment s… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 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
5,119 satisfied customers
How are the capital gains treated when selling only the
How are the capital gains treated when selling only the company assets but not the company? Does it go to the company books or direct to shareholders? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 satisfied customers
I moved to the U.S. in January, 2017 from Russia. I should
Second opinion] Hi ! My name is***** moved to the U.S. in January, 2017 from Russia. I should get Green Card in 2018, and I am going to sell my property in Russia in 2018 too. Should I expect taxation… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
We (myself and my wife) moved to the U.S. in January, 2017.
My name is***** (myself and my wife) moved to the U.S. in January, 2017. We are on L1 visa now We are thinking about selling our property in our home country … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 satisfied customers
I believe the capital gains rate increases when ordinary
I believe the capital gains rate increases when ordinary income exceeds a certain amount. My question is, in the calculation of the ordinary income, is the amount of capital gains INCLUDED but then ta… read more
Lane
Lane
JD, CFP, MBA, CRPS
14,197 satisfied customers
In 2004, I purchased new house(A) and lived util 2008. In
In 2004, I purchased new house(A) and lived util 2008. In 2008, I rent out the house(A) and moved to another house(B) and are living util now. When I rent out current house(B) for one yea or two year … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I want to sell our rental house and pay off our house. Can
I want to sell our rental house and pay off our house. Can you get around paying capital gain tax. We are in our 70s … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,197 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