Capital Gains and Losses

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I carried a purchase mortgage for years that was paid off in…

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I carried a purchase...

I carried a purchase mortgage for years that was paid off in 2017, the portion representing profit was $600,000. will this be subject to the capital Gains rate of 15% .my marginal income was $40,000

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.

The return of capital portion was not included.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Not that comes to mind.

Submitted: 7 months ago.Category: Capital Gains and Losses
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12/3/2017
Tax Expert: PDtax, CPA firm owner replied 7 months ago
PDtax
PDtax, CPA firm owner
Category: Capital Gains and Losses
Satisfied Customers: 5,085
Experience: Tax professional and business consultant for 34 years
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Tax Expert: PDtax, CPA firm owner replied 7 months ago

Much of your capital gains will be taxed at 15%, then 20% on the excess. The total tax will include some AMT and some investment tax as well. I ran the math, and the total additional tax would be $123,000 on the $600,000 in capital gains (Federal only).

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