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
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3166
Experience:  IRS licensed Enrolled Agent and tax instructor
62958156
Type Your Tax Question Here...
emc011075 is online now
A new question is answered every 9 seconds

I am 73 years old and will have net taxable ordinary income

Customer Question

I am 73 years old and will have net taxable ordinary income of about $15,000 this year. I have a chance to sell some stock I have owned for a long time which will result in a long term capital gain of $429,000. According to the tax brackets I have looked at, since I am in no more than a 15% tax bracket, the schedule and all that I have read tells me that I will pay zero tax on the gain except a Net Investment tax of .038% on the gain over $200,000. Am I right on this?
Russ
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

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

Sorry to disappoint you but to look up your tax bracket you have to add all your income, including the capital gains. It means that your total income will be 444K and as a single you will be in the highest 39.6% tax bracket and your capital gains will be taxed at 20%.

Expert:  emc011075 replied 1 year ago.

Russ 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.