Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

My investment from 2012 was sold in 2015.Initial investment

Customer Question
My investment from 2012 was...
My investment from 2012 was sold in 2015.
Initial investment amount:
$180,000.00
When I cashed it in I received a check for:
$197,537.50
I paid taxes on amounts:
2012 - Ordinary: $1,094.03 Capital Gains: $1,696.61
2013 - Ordinary: $1,804.21 Capital Gains: $1,148.33
2014 - Ordinary: $1,588.44 Capital Gains: $1,939.97
Totaling $9,271.59
That would value my investment amount and amount I paid taxes on to be:
$189,271.59
The amount I received, $197,537.50 minus the investment taxed amount, $189,271.59 is:
$8,265.91 far less than what was reported on my Capital Gains.
Why do I have to pay Capital Gains taxes on $11,984.26 (as reported on my 1099-B) vs. on $8,265.91? Where do I enter the previously declared interest and Capital gains I paid taxes on?
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 8 minutes by:
4/13/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
Experience: Taxes, Immigration, Labor Relations
Verified
Were there any fees charged on that account ?We need to understand the difference between $11,984.26 vs. on $8,265.91 That is not related to tax calculations - but you definitely want to know where the money went?Please verify all your statements.
Ask Your Own Tax Question
Customer reply replied 1 year ago
Advisor fees paid:
2012 $1415.80
2013 $2679.93
2014 $2501.83
2015 $1860.44
.... per their tax statements, totaling $8458.00
Customer reply replied 1 year ago
All other statements were as in the initial question.My investment from 2012 was sold in 2015.Initial investment amount:
$180,000.00
When I cashed it in I received a check for:
$197,537.50I paid taxes on amounts:
2012 - Ordinary: $1,094.03 Capital Gains: $1,696.61
2013 - Ordinary: $1,804.21 Capital Gains: $1,148.33
2014 - Ordinary: $1,588.44 Capital Gains: $1,939.97
Totaling $9,271.59That would value my investment amount and amount I paid taxes on to be:
$189,271.59The amount I received, $197,537.50 minus the investment taxed amount, $189,271.59 is:
$8,265.91 far less than what was reported on my Capital Gains.Why do I have to pay Capital Gains taxes on $11,984.26 (as reported on my 1099-B) vs. on $8,265.91? Where do I enter the previously declared interest and Capital gains I paid taxes on?
Tax Professional: Lev, Tax Advisor replied 1 year ago
OK - that clarified the difference.You may deduct advisor fees as investment expenses - on schedule A line 23That may be deducted every year such fees were paid.But that doesn't affect your capital gain reported on 1099BYou do include that gain into your tax return.
Ask Your Own Tax Question
Customer reply replied 1 year ago
I did for 2014, was planning to for 2015.The numbers still don't add up.Can I do anything with the fees from 2012 and 2013? I was unaware of the deduction then, and probably would not hit the 2%, if it was applicable in those years.
Tax Professional: Lev, Tax Advisor replied 1 year ago
Yes - you may amend these tax returns - and if you did not report investment expenses - that may be corrected.
Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 1 year ago
For 2012 tax return - be sure it is sent before Apr 15 - so you would not miss the deadline to claim a refund.Yes - 2% floor limit was applicable - but you may include your job related expenses, tax preparation cost, and some other items..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you will all tax related issues.
Ask Your Own Tax Question
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
30,132 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev 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

1,300 satisfied customers

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

Richard

Richard

Tax Attorney

4,310 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 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.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Tax return garnished for restitution, does that mean it goes
tax return garnished for restitution, does that mean it goes against my monthly payment so I reduced the garnished amount I pay each month? … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
31 satisfied customers
I received a Request for Tax Return letter from the
I received a Request for Tax Return letter from the California Franchise Tax Board which states the following (and I quote) "We received information from Waco Title Company Fort Smith indicating that … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
For capital gains tax can a payment plan be set up? I took
for capital gains tax can a payment plan be set up? … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
717 satisfied customers
Lev, I am preparing federal unfiled tax returns for a client
Good morning Lev, I am preparing federal unfiled tax returns for a client of mine. I am also ready to finalize the 2014 tax return and there is an NOL created on his return. The client has already fil… read more
Lev
Lev
Tax Advisor
30,132 satisfied customers
For a ny state partnership tax return, if you file an
For a ny state partnership tax return, if you file an extension but don't pay anything and then end up owing a lot. Do they still recognize the extension or do they charge a failure to pay penalty (fo… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is a tax return less likely to be audited if it's prepared
Is a tax return less likely to be audited if it's prepared by a CPA or simply a tax person? Secondly, our Rotary Club is a 401 C for we have a 401 c 3 Foundation the question is can individual members… read more
socrateaser
socrateaser
1,031 satisfied customers
Estate capital gains tax rate for 61, single, unable to
estate capital gains tax rate for 61, single, unable to work, is claimed as a dependent form sister,only income collects $500 month stipend from gov., which pays for health insurance and meds. is gett… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I need help with preparing a tax return and I may need to
Hi I need help with preparing a tax return and I may need to file form 3520 as well. Please let me know if you can assist.… read more
taxmanrog
taxmanrog
Master\u0027s Degree
697 satisfied customers
I have a NJ estate tax return to prepare for a decedent in
I have a NJ estate tax return to prepare for a decedent in NJ. The brokerage statement has an account with the decedent and a trustee set up for her grandson under a U/W/O . Are these assets included … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
717 satisfied customers
I am preparing a corporate tax return. The company is a
I am preparing a corporate tax return. The company is a payroll company based in NJ but almost all of the clients are in NYC. Is the income generated from NY clients require a NY S corporate tax retur… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
1045 and an amended tax return. 2015 tax return had a $ 248K
1045 and an amended tax return.2015 tax return had a $ 248K NOL. I prepared the 2015 tax return and a 1045 to carryback the loss back two years. All of the loss was used up on the 1045.In preparing th… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Does an IRS agent qualified to prepare capital gain taxes, I
Does an IRS agent qualified to prepare capital gain taxes … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
717 satisfied customers
I am preparing a partnership tax return for 2016. The
I am preparing a partnership tax return for 2016. The partnership holds commercial rental property. one of the partners, 50%owner, passed away in April 2016 and left his interest to his spouse. i woul… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
What is the deadline for the last federal tax return for a
What is the deadline for the last federal tax return for a closed business? Is it within 2 months after the company is closed? Thanks.… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,215 satisfied customers
I don't know if you can help me on prepare a tax return that
Hi Barbara, I don't know if you can help me on prepare a tax return that have a 1031 exchange… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
56 satisfied customers
Second opinion] Has the tax rate in Peru on capital gains
Second opinion] Has the tax rate in Peru on capital gains for non residents recently been changed? I heard it is now 5% and no longer 30%.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have a few LLC's that I am preparing tax returns for. They
Hello, I have a few LLC's that I am preparing tax returns for. They are all related to real estate and are owned by my husband and me, but I have them structures as multimember LLCs and do separate ta… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,215 satisfied customers
On what schedule of the Pennsylvania Inheritance Tax Return
On what schedule of the Pennsylvania Inheritance Tax Return do I list a piece of real estate where the deed listed the decedent as having a life estate in the property and his brother and daughter as … read more
Anne
Anne
Master Tax Preparer
1,328 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