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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3793
Experience:  20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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I'm a 80 yo physician planning retirement. After 30 years of

Customer Question

I'm a 80 yo physician planning retirement. After 30 years of pediatric practice, I lost all my IRA money in stock and futures trading. I just sold my commercial building making about 400,000.00 profit. How much tax I have to pay. Can I contribute the whole amount to our IRA account and pay IRS tax later? Please advise
JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to. You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason. The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: I'm 80 yo, my wife is 76 yo. We have absolutely NOTHING for retirement. How I we legally use the proceed of the sale of our commercial building for retirement without paying a lot of tax?
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Unfortunately, you cannot pay the IRS later.

You will report the sale of the commercial building on your tax return and pay any capital gains tax that is due. The capital gains tax rates for 2016 range from 0% to 20%. The following link contains detailed information regarding 2016 capital gains rates:

http://www.schwab.com/public/schwab/nn/articles/Taxes-Whats-New

You can then use the sale proceeds as you wish. You cannot, however, contribute to a traditional IRA because you and your wife are both over the age of 70 1/2.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Expert:  Barbara replied 1 year ago.

Just following up with you to see if you have any other questions. If so, please let me know, and I will be happy to assist you further.

Best regards,

Barb