Tax

Have a Tax Question? Ask a Tax Expert

Tax

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

Customer Question
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
Show More
Show Less
5/5/2016
Tax Professional: Arthur Rubin, Tax Preparer replied 1 year ago
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
Verified
Give me a moment to run the calculations...my worksheets don&#39;t have 2016 taxes, so I&#39;ll use 2015 tax rates.
Tax Professional: Arthur Rubin, Tax Preparer replied 1 year ago
Actually, it&#39;s a simple calculation, so I will use 2016 tax rates. If you&#39;re single, you&#39;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 &lt; 222k. You don&#39;t hit the phasouts of the personal exemption at AGI over \$259, 400, but you may hit NIIT.
Tax Professional: Arthur Rubin, Tax Preparer replied 1 year ago
It wasn&#39;t clear if the stock sale was in 2015 or 2016; if in 2015, and you haven&#39;t already paid your taxes, you may be subject to the failure-to-pay penalty.
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
1,561 Satisfied Customers
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.

Arthur Rubin is online now

A new question is answered every 9 seconds

• 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.

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.
...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.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Enrolled Agent

1,300 satisfied customers

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

Richard

Tax Attorney

4,310 satisfied customers

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

Robin D.

13,695 satisfied customers

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

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

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

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
What are the taxes rates 2016 for term gains in irrevocable
what are the taxes rates 2016 for long term gains in irrevocable trusts … read more
Certified Financial Planner(R), Pro
Master\u0027s Degree
734 satisfied customers
What is the taxable capital gain for each 50% owner
What is the taxable capital gain for each 50% owner (divorced couple) on a 1031 Exchange property where only one owner meets the 2 of 5 years occupancy test and one of the 50% owners is now remarried?… read more
Certified Financial Planner(R), Pro
Master\u0027s Degree
734 satisfied customers
Suppose my taxable income in 220,000 this year and the tax
Suppose my taxable income in 220,000 this year and the tax rate is X up to 200K, but Y for 200and over, do I pay Y on the full 220K or just that above 200K? … read more
Master's Degree
180 satisfied customers
Under current law a 100,000 taxable income pays \$10,365 plus
Under current law a 100,000 taxable income pays \$10,365 plus 25% of the amount exceeding \$79,400 i.e. about \$16,000. Under tax reform will the tax be \$25,000? … read more
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is the sale of customer list a capital gain or ordinary income?
Is the sale of self-created intangibles, such customer lists, digital files, web sites, etc subject to capital gain or ordinary income treatment?… read more
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are you familiar with Capital Gain taxes on rental property?
Are you familiar with Capital Gain taxes on rental property? … read more
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Tax question is there anyway to offset a capital gain of 60
Tax question is there anyway to offset a capital gain of 60 to 70k by buying another commercial property… read more
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If your taxable income is \$0 (actually negative) is there a
If your taxable income is \$0 (actually negative) is there a penalty for late filing? Do you need to file at all? What is the 2016 filing deadline with an extension?… read more
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
We have \$400,000 in capital gains for the sale of our
We have \$400,000 in capital gains for the sale of our California home of … read more
LEV
Retired
Bachelor's Degree
14,896 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
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
What is the income tax rate if it is not withdrawn from the
Hi! What is the income tax rate if it is not withdrawn from the LLC? The owner has not withdrawn any balance from the business all the amount reinvested into the business. Thank you!… read more
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
Undistributed taxable income previously taxed. Have 3
Undistributed taxable income previously taxed. Have 3 shareholders with balances due to them from previous years. Can it be paid all in one year to bring their amounts owing to zero until the next pro… read more
Mark Taylor
Certified Public Accountant
Masters
2,220 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
Master's Degree
180 satisfied customers
Since my adjusted gross income is over \$100,000, I can't
Since my adjusted gross income is over \$100,000, I can't take the rental loss that I have even though I was actively maintaining the property. Since I have a mortgage and property taxes on that rental… read more
Robin D.
13,695 satisfied customers
Dependent Children. 1. Taxpayer's adjusted gross income is
Dependent Children.1. Taxpayer's adjusted gross income is over \$ 800K so personal exemptions are phased out. 2. Taxpayer's children are between ages 12 - 17. 3. All three children have earned income o… read more
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Do I reduce my adjusted gross income by the amount of a
Do I reduce my adjusted gross income by the amount of a forgiven debt(1099-c) before figuring the EIC? … read more
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
My adjusted gross income from 2016 was \$199,397. If I take
My adjusted gross income from 2016 was \$199,397. If I take an early withdraw of \$26,700 from a 401k I know I will pay a 10% penalty but if I have them take an additional 20% Federal Tax will that sati… read more
Robin D.
13,695 satisfied customers
My mothers adjusted gross income is 6033, her standard
my mothers adjusted gross income is 6033, her standard deduction is 6300, where will the 2000 that she won in the lottery be entered on the 1040 form and does she have to pay a tax on this money … read more