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My husband and I sold some property in January 2013. We received

My husband and I sold...
My husband and I sold some property in January 2013. We received 48,000.00, We only have one income which is around 35,000 per year. He is unemployed receiving no unemployment benefits. What should we expect to pay for capital gains when we file in 2013?
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Answered in 1 minute by:
4/3/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Customer:

Hello, how are you today.

Customer:

What did you purchase the property for initially, and how long ago?

Customer:

Your capital gains tax will be based on the difference between what you purchased the property for and the sales price you received.

Customer:

If the property sold is your primary residence the entire amount of capital gain would be excluded

Customer:

If your income is $35,000 per year gross, you are likely in the 10-15% tax bracket

Customer:

If that's the case, your long term capital gain rate is 0%

JACUSTOMER-pys0m87j- :

The property was inherited from his mother. We have had the property since 1994. The property was valued at 7500/acre back then and we sold it for approx. 13,000/acre.

Customer:

So you would have a capital gain of about $23,000

Customer:

With your income, you are in the 10-15% tax bracket

Customer:

so your capital gain rate will be 0%

Customer:

So you should not have to pay capital gains tax

Customer:

I hope this helps you with your question, and was good news.

JACUSTOMER-pys0m87j- :

Would this also be true for WV State Tax?

Customer:

Please let me know if I can be of any further assistance. If not, please rate my response "excellent" so that I may receive credit for assisting you today.

JACUSTOMER-pys0m87j- :

Would this also be true for WV State tax?

Customer:

West Virginia capital gains tax is 6.5%

Customer:

So you would owe 6.5% of $23K

JACUSTOMER-pys0m87j- :

So 6.5% of the 23,000 capital gain...that's what I thought. Thanks.

Customer:

Thank you for your rating. Please let me know if I can be of any further assistance. Thanks again for using JustAnswer.com

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C and 87 other Tax Specialists are ready to help you
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Thank you Nancy for the positive rating and the bonus. Please come back and see me next time you have a question. It was a pleasure working with you today. I hope you have a great afternoon.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
16,593 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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