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2015, standard deduction on $92K. Implications of selling

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2015, standard deduction on $92K...
2015, standard deduction on $92K. Implications of selling $140K stock to buy a house in 2016?
Submitted: 1 year ago.Category: Tax
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5/5/2016
Tax Professional: Arthur Rubin, Tax Preparer replied 1 year ago
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
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Give me a moment to run the calculations...my worksheets don't have 2016 taxes, so I'll use 2015 tax rates.
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Tax Professional: Arthur Rubin, Tax Preparer replied 1 year ago
Actually, it's a simple calculation, so I will use 2016 tax rates. If you're single, you'd be in the 25-33% tax bracket, so your tax on the capital gain of the stock is at 15% if long term, and 25-33% if short term. In the unlikely event that the $140k stock has very low basis, you might be hit by the NIIT (Net Investment Income Tax) of 3.8% of AGI (adjusted gross income) over $200,000, or to the extent your gain on the stock is over $108k. Specifics: Exemption = $4050, standard deduction = $6300, so taxable income without the stock is ~ 82k, and with the stock is < 222k. You don't hit the phasouts of the personal exemption at AGI over $259, 400, but you may hit NIIT.
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Tax Professional: Arthur Rubin, Tax Preparer replied 1 year ago
It wasn't clear if the stock sale was in 2015 or 2016; if in 2015, and you haven't already paid your taxes, you may be subject to the failure-to-pay penalty.
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