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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29966
Experience:  Taxes, Immigration, Labor Relations
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We are getting hit hard this year due to sale of our

Customer Question

Hi, we are getting hit hard this year due to sale of our home in the San Francisco Bay Area in which we did very well, so sizable capital gains, even after heft remodel costs and the $500k deduction. Because of the "one-time-gain", we have to repay Obama Care (Calif CoveredCA) almost $17k. Before the house sale, we had rather low income, thus the need to sell and move to a less expensive location. I used to take a deduction for it on my very small business but we had a loss, (two years actually) - it was the only employment I could get). So, no profit, no insurance deduction for the business. TurboTax knew this and transferred the health insurance costs to my personal return but AGI kicks in and we don't get any deduction until we exceed $20k in med expenses. With the high insurance costs and other med expenses, we are getting a small med deduction. Is there anything else I can do to get some deduction value out of this ridiculous insurance repayment?
Submitted: 1 year ago.
Category: Tax
Expert:  Angie replied 1 year ago.
Just to clarify, the gain on your home was over $500k ?
Customer: replied 1 year ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Angie replied 1 year ago.
I will opt out. I am unavailable by phone at this time.
Customer: replied 1 year ago.
We can continue the conv here, ok with me. Never tried the phone part before, thought it was a good idea
Expert:  Lev replied 1 year ago.
Hi,different expert here.I am afraid you will not like my answer.Based on your information - three is nothing we may do regarding your taxable income and may be too late to plan any deductions.I may verify your calculations - but otherwise - you need to pan the tax payment - and the due date is on Monday.The issue might be if you do not have funds to pay - in this case you might want to have an installment payment plan with the IRS.Another issue to verify your state? if your state has income tax - there will be additional state liabilities.You might to discuss 2016 tax planing - to avoid such situations,but would not be able to find any option not to repay advance PTC amounts paid during the year.Sorry for your situation and sorry if you expected a different answer.