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What would the federal and state taxes be on a second home

Customer Question
purchased in Colorado in 1982...
What would the federal and state taxes be on a second home purchased in Colorado in 1982 and sold in 2015
with a tax basis of $20,000
And the sales price of $510,000
The home seller has ordinary income of $20,000 per year and is 87 years old
Submitted: 2 years ago.Category: Tax
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Customer reply replied 2 years ago
I already entered my credit card information and when I went to enter my email address the screen locked up and wouldn't let me complete that portion of the standard where to send the answer to section.
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My email address is [email protected] msn.com
For some reason it said that was an incorrect or nonexistent email address but that is simply inaccurate
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I use my American Express card to pay for the answer.
Customer reply replied 2 years ago
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Answered in 3 hours by:
6/20/2015
Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,431
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Welcome to Just Answer. My name is ***** ***** I will be happy to assist you today.Based on the information contained in your question, you would have no federal or CO state tax liability for the sale.As to federal, you are in the 15% tax bracket because of your income and your capital gains tax would be zero.As to CO, property bought before 1994 or held for 5 yrs has no CO capital gains tax.Please let me know if you require further information or clarification.Thank you and best regards,Barb
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Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Just following up with you to see if you have any other questions or concerns. If so, please come back to me here at your convenience, and I will be happy to assist you. If not, please take a moment to rate my answer since that is the only way I receive credit for answering you and alerts Just Answer to compensate me.
Best regards,
Barb
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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,431
4,431 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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