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I took over 421,000.00 from my profit sharing and paided…

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I took over 421,000.00 from...
I took over 421,000.00 from my profit sharing and paided over 96,000.00 in Federal taxes, I used the money to build a new house in Pennsylvania, in the Poconos., when I got my w2 form, I took it to my tax guy, he went through it and told me that I had to pay over 100,000.00 in taxes, I thought that if I use the money to buy or build a house that I would get some of that money back. Can you help me with this. Elliott from New York City.
Submitted: 2 years ago.Category: Real Estate Law
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2/2/2016
Real Estate Lawyer: ScottyMacESQ, Lawyer replied 2 years ago
ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 18,171
Experience: Licensed General Practice Attorney, Texas
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Thank you for using JustAnswer.

I'm sorry to hear about your situation. Why did you think this? That is, were you basing this on a specific tax strategy that you read about or were advised of? What would that strategy be (so I can analyze it and see if it would apply in your situation)?

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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