How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask emc011075 Your Own Question
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2997
Experience:  IRS licensed Enrolled Agent and tax instructor
Type Your Tax Question Here...
emc011075 is online now
A new question is answered every 9 seconds

My 2015 AGI is $26,000 not including Term Capital Gains

Customer Question

My 2015 AGI is $26,000 not including Long Term Capital Gains (public securities), what is my tax liability?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

Your tax liability depends on you filing status and your deductions. Depending on your tax bracket some of the long term capital gains may also be taxable. I can run an estimate for you but I will need more information.

Customer: replied 1 year ago.
What do you need?AGI = $53,000
Long Term Capital Gains = $70,000
2 Dependents
Real Estate Interest = $10,800
Real Estate Tax = $5,650
Bad Debt=$5,000
Charitable Deductions=$3,500Charitable Deductions = $3,500
Expert:  emc011075 replied 1 year ago.

What's your filing status? Assuming your depends are children younger than 16.

Expert:  emc011075 replied 1 year ago.

Based on the information 53K income, 70K capital gains), assuming married with 2 children younger than 16, you are in 25% bracket and after credits and deductions your tax liability is $1,580

Expert:  emc011075 replied 1 year ago.

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.