How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

Federal income tax laws for California. I have many

Customer Question

This is IRS and federal income tax laws for California.
I have many investments I have been in. They are limited partnership and for 2015 and 2016 have produced lot of income all by the investment being refinanced.
So income stemming from all refinance.
What percentage of tax do I have to pay ?
As example one of my main limited partnership in my investments refinanced
$188,000.00 of my separate investment portfolio.
How much of that am I required to pay.
I am very nervous about it.
Please give me the facts.
Thank you Michelle Abrams
Submitted: 8 months ago.
Category: Tax
Expert:  Richard replied 8 months ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 8 months ago.

Michelle....can you provide me a bit more information? Is the money you received simply money generated by a refinancing of the proceeds? Did you actually get k-1's indicating a big income allocation? Or, did you simply receive this cash and think that it's income to you? Thanks.