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We have capital gain tax on off shore account, this was

Customer Question
please JA: The Accountant will know...
please
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: we have capital gain tax on off shore account, this was almost 3 years investment so it is longer than a year, i was wondering what is the capital gain tax on that income, we live in California
JA: Is there anything else important you think the Accountant should know?
Customer: no
Submitted: 1 year ago.Category: Tax
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Customer reply 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.
Answered in 13 minutes by:
10/18/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,876
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane. I can help here.

...

IF you are a U.S. tax resident (US citizen, green-card holder or pass substantial presence test) the you will be taxed (as it looks like you may understand) taxed at the lower long term capital gains rate.

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To provide a specific, numerical answer I would need to know your filing status (single married filing jointly, married filing separately, etc).

...

And because the capital gain is one component of your total taxable income, I'd need to know the amount of the gain AND the amount of your other household income.

...

Long-term gains are taxed at

...

  • 0% if taxable income falls in the 10% or 15% marginal tax brackets
  • 15% if taxable income falls in the 25%, 28%, 33%, or 35% marginal tax brackets
  • 20% if taxable income falls in the 39.6% marginal tax bracket
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Again, please let me know if you want to provide numbers so that I can calculate the gain for you .. OR if you have any questions at all.

...

And if you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be appreciated!

Otherwise I receive no compensation for the work.

...

Thank you,

Lane

...

...

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, a Master’s Degree, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,876
12,876 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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