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

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My 2015 AGI is $26,000...
My 2015 AGI is $26,000 not including Long Term Capital Gains (public securities), what is my tax liability?
Submitted: 2 years ago.Category: Tax
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2/29/2016
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,695
Experience: IRS licensed Enrolled Agent and tax instructor
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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.

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Customer reply replied 2 years 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
Tax Professional: emc011075, Tax adviser replied 2 years ago

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

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Tax Professional: emc011075, Tax adviser replied 2 years 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

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Tax Professional: emc011075, Tax adviser replied 2 years 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.

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