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if i sold a car in va in 2007 and made a capital gains of 135,000

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what would be the amount...
if i sold a car in va in 2007 and made a capital gains of 135,000 what would be the amount of state tax owed to va
Submitted: 6 years ago.Category: Tax
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Answered in 12 minutes by:
11/3/2011
Tax Professional: Lev, Tax Advisor replied 6 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,709
Experience: Taxes, Immigration, Labor Relations
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Hi and welcome to Just Answer!

Please be sure that you correctly determine the capital gain.
The capital gain = (selling price) - (basis)

The basis is mainly your purchase price - assuming the property was purchased - and should be adjusted by improvements and some other expenses.

If the property was received as a gift - you need to consider the donor's basis.

 

You will report the sale transaction on schedule D - www.irs.gov/pub/irs-pdf/f1040sd.pdf - in Part I or Part II - depending how long you owned the property - more or less than a year.

If you owned the car more than a year - the gain will be long term capital gain - taxable at reduced rate - not more than 15% on federal level.

There will be additional Virginia state income taxes - 5.75% for income above $17,000.

 

Generally - your tax liability is based on your total income, filing status, deductions, etc - however as a raw estimate - you may expect following tax liability on long term capital gain:

--federal income tax $135,000 * 15% = $20250

--Virginia state income tax $135,000 * 5.75% = $7762.5

 

Let me know if you need any help or clarification.

Please reply with additional questions.

 

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