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We live in las vegas but have land in Washington state likely…

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We live in las vegas...
We live in las vegas but have land in Washington state likely to sell for 400000 it was purchased in 1972 for just over 8000 we are a married couple in our 70's our taxable income last year was 92086 gross and taxable income 69686 please can you give a ball park figure
Submitted: 3 years ago.Category: Tax
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6/12/2015
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Welcome. Thank you for choosing us to assist you. My name is ***** ***** my goal is to help make your life, a little... less taxing.
Based on your income, that capital gains tax will be 15%. You must first determine what your actual gain amount is. You do this by taking the cost basis, adding qualified improvements and subtracting the price that the land sold for. You wrote that the the land will likely sell for $400,000, and you paid $8,000 for it. That's a $392,000 gain. Assuming that there were no costs for improvements to be added, the gain amount is $392,000. The capital gains tax would be $58,800. SEE CALCULATIONS BELOW:
$400,000 (Selling price)
$ 8,000 (cost basis)
_____________________
$392,000 (gain)
$392,000 x 15% = $58,800
Keep in mind that this is just the figure for the gain on the sale, not your entire tax amount. The tax amount on the taxable income amount of $69,686, your ordinary income bracket is 15%.
$69,686 x 15% = $10,452.90
Your total tax should be approximately $69,253. Roughly $70,000 in taxes.
You can refer to the following IRS webpage for more detailed information on capital gains.
http://www.irs.gov/taxtopics/tc409.html
Let me know if you require further assistance with this matter.
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