Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I cashed $24k of investments. I own my home, but have no…

Customer Question
I cashed $24k of investments...
I cashed $24k of investments. I own my home, but have no income. I am 70 years old. Am I liable for taxes, and how much?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
3/5/2016
Tax Professional: Mark D, Enrolled Agent replied 2 years ago
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1,342
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
Verified

Hello, where these IRA or 401K funds, or investments sold outside of an IRA or 401K?

Ask Your Own Tax Question
Customer reply replied 2 years ago
I'm not sure. I have very little experience with investments of this type. All I know is that the BP portfolio has been in the family for about 100 years. The Putnam Investments portfolio was opened in 1975 or 1976 to provide extra income. But neither of these was an IRA or 401K, that I know of.
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,342 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Wanting to withdraw from my 401k to pay for a home. At
Hi Pearl .Wanting to withdraw from my 401k to pay for a home . At withdraw ,I am already paying 20% withholding taxes . Wondering how much more will i have to pay in income tax . … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My parents bought a home 5 years ago which I have used as a
My parents bought a home 5 years ago which I have used as a primary residence. I make all of the mortgage and misc. home payments. They want to execute a quit claim deed to transfer over to me so I ca… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,601 satisfied customers
A taxpayer turns 70.5 years old on 8/24/2015. She is still
A taxpayer turns 70.5 years old on 8/24/2015. She is still employed & defers 24k into her employer's 401(k) account. She files jointly with her husband & their AGI is 800k. Therefore, she & her husban… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
, I came to the US 10 years ago with a (then) 10 year old
Hi, I came to the US 10 years ago with a (then) 10 year old life insurance. The life insurance matured last year paying me 20,000 USD according to contract. 70% of this amount was made up by my own co… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
for accountant Im very new to investing. I already have a
for accountant I'm very new to investing. I already have a 401k with my employer. Can I also set up a roth IRA for my long-term investments, and keep another account for dividends ? how much will i be… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I live in Georgia and am 52 years of age, last year I rolled
I live in Georgia and am 52 years of age, last year I rolled over my entire 30-year pension into a managed fund account. But now I'm in financial need of a small part of it. I am still working, "quasi… read more
Dmastcpa
Dmastcpa
Partner
Master's Degree
20 satisfied customers
My wife and I are 70 and 72 and both retired. We have a self
My wife and I are 70 and 72 and both retired. We have a self managed superannuation fund valued at approximateoy $550,000 split between cash and shares. We also receive a part Government pension of $7… read more
Expert
Expert
I cashed in part of an IRA for the down payment on a second
I cashed in part of an IRA for the down payment on a second home. I am 70 years old. Am I liable for the entire tax this year?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I invested in an oil well. It was in the amount of 15k. They
I invested in an oil well. It was in the amount of 15k. They scammed me then the US District court pressed fraud charges and other charges for scam's against them. I have the paper work from US Distri… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am a 76 year old U.S. Citizen, permanent resident of Spain,
I am a 76 year old U.S. Citizen, permanent resident of Spain, married to a Spanish citizen. We own our home in Spain. We do not have any property or assets in the U.S. I have constantly been in Spain … read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
236 satisfied customers
My 84 yr old mother lives on SS + a reverse mortgage. Her
My 84 yr old mother lives on SS + a reverse mortgage. Her yrly income is about $24k and doesn't file income taxes. She & my late father owned a partial of land in Alaska. It was willed to them by rela… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My wife and I plan to sell our principal residence that we
My wife and I plan to sell our principal residence that we have lived in for the past 10 years. If we buy a new residence with most of the proceeds from our current residence are we liable for any cap… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
When my mother-in-law moved to senior living, her house, which
When my mother-in-law moved to senior living, her house, which she owned since the 1950's, was sold in 2008. My wife and her 5 siblings each received $16,800 ($24k minus fees, taxes, etc). We all then… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
ME AND MY HUSBAND ARE PLANNING ON GOING IN PARTNERSHIP WITH
ME AND MY HUSBAND ARE PLANNING ON GOING IN PARTNERSHIP WITH SOME FOLKS, AND LIVING IN THE HOME, WHILE RENTING OUR PRIMARY HOME. WILL WE HAVE A PENALTY OR CAPITOL GAINS TO PAY WHEN WE SELL THIS PROPERT… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I am buying a house - my in laws are giving us for the ...
I am buying a house - my in laws are giving us for the down which is substantial...$96K - How much can they deduct. $24k to me , $24K for my wife $24K to my girl and $24K to my boy.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My Dad wants to give away an inheritance while alive, whats the best
We want to pay the least amount of taxes that is possible, are there some limitations in the amount? can it be invested as college fund? can he open joined accounts?… read more
Zhicheng Lai
Zhicheng Lai
Master Degree
426 satisfied customers
I will be inheriting approximately $60,000 from the sale of ...
I will be inheriting approximately $60,000 from the sale of my mother's home. She died in September. I still work full time, am 70 years old and I'm very concerned about the tax that I will have to pa… read more
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks
Master Tax Pro and Enrolled Agent
Master Degree
1,254 satisfied customers
My mother is a 70 year old widow who collects social ...
My mother is a 70 year old widow who collects social security and has a small income from a home business. How much income is she allowed without having to file income taxes?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x