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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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how much capital gains tax do you pay in california if

Customer Question

how much capital gains tax do you pay in california if you have a gain of 1 million dollars on the sale of a home bought in 1972 for 100,000 with additions + upgrades of about 500,000 for a single person who is in the lowest tax bracket with only source of income from SS 1000/month. i know the capital gains rate in 2011+12 is 10 %. +how does california tax come into play?
Submitted: 6 years ago.
Category: Tax
Expert:  socrateaser replied 6 years ago.

I don't understand your question. If you know the tax rate, then you know the marginal tax. What exactly is the question?
Customer: replied 6 years ago.
kindly refund my $45 deposit as i expressed my question as best i could- yes i do know the rates and can probably figure out the tax question i submitted- sorry to take up your time. Thank you very much.<br /><br />please note i did not sign up for 'continued service'- do no know why that shows on your screen. again , appreicate your cooperation.