Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

74 years of age income of $54000 this past year. Sold my

Customer Question
home after taking the $250000...
74 years of age income of $54000 this past year. Sold my home after taking the $250000 deduction and expenses I have $248000 profit. What would I have to pay taxes on? What percentage would it be?
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
10/29/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,878
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Can you please let me know what your cost of the house was and if you made any improvements over the years.Also what was the sale price of the home (and the expenses you mentioned).

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Your income of $54000, was that from wages, SS, Pension, or what.

Ask Your Own Tax Question
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • 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.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

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.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...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.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

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

Richard

Richard

Tax Attorney

4,310 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,878 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

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

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
This is a question on a UK resident's personal income tax on
This is a question on a UK resident's personal income tax on lump withdrawals of funds in a Canadian RRSP using an example with funds expressed in $CAN. Value of lump sum payment from the RRSP is $100… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
Is it possible to have a pension payment from a previous
Is it possible to have a pension payment from a previous employer moved from my checking account into an IRA where I will not have to claim the money on my taxes in 2018? … read more
abci168
abci168
Principal
27 satisfied customers
If lease payments are being taken as a tax deduction can the
If lease payments are being taken as a tax deduction can the mileage method be used to account for other expenses? Or are you required to use actual expenses?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
15,878 satisfied customers
Dose mean can not deduct state income taxes only or dose it
dose mean can not deduct state income taxes only or dose it includes property taxes too … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I recently applied for death pension for the VA. They denied
I recently applied for death pension for the VA. They denied my helpless child death pension because they said I make too much money. I make $1016 a month in social security. What is the income limit … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
I wanted to ask are pensions from the city of Atlanta taxed?
Hello! I wanted to ask are pensions from the city of Atlanta taxed? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
If I take a lump sum pension payment now and it is taxed, do
If I take a lump sum pension payment now and it is taxed, do I have to claim it as taxable income.on my tax return and get taxed again? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I'm looking for help with tax deductions. I will be
I will be receiving a large lump sum this year. I want to know if there is a limit to how much state tax I can deduct for federal filing? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
You may recall that tax deductions are only deductible by
You may recall that tax deductions are only deductible by the legislative grace of Congress. After this lesson, you might have realized that Congress was pretty generous with the types of business exp… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
Have a private pension in England but now living in France
Have a private pension in England but now living in France do I have to pay tax to UK and France … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
I deducted my GM Pension ((up to $20K) from my NYS Income
I deducted my GM Pension ((up to $20K) from my NYS Income Tax. Just received notice that am not eligible to claim this deduction because I am under 59 1/2! Who Knew??? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Do I owe taxes on pensions paid from Finland and Germany_
Do I owe taxes on pensions paid from Finland and Germany_ … read more
abci168
abci168
Principal
27 satisfied customers
Can I deduct the rental income lost during the period a
Can I deduct the rental income lost during the period a rental property sat idle and/or being repaired for sale?For example: - Renters moved out Jan 31 - House sat Idle for 2 months (due to delay with… read more
Robin D.
Robin D.
Senior Tax Advisor 4
15,878 satisfied customers
I have an NR4 Income Code 49 Pension Plan Beneifts - does it
I have an NR4 Income Code 49 Pension Plan Beneifts - does it need to be recorded on the 1040 form.… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
727 satisfied customers
I am retired with an income of $12,000/year from a pension a
hi. I am retired with an income of $12,000/year from a pension a d $12,000/year from ss before medicare deduction for a total of 24 000 annual income. I am 67 years old and for the past few years have… read more
Robin D.
Robin D.
Senior Tax Advisor 4
15,878 satisfied customers
My income in the U.S. is a federal pension. If I move to
My income in the U.S. is a federal pension. If I move to Spain as a non-working resident how will I be taxed? By the U.S. or by Spain or buy both? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is retirement income from IRA's, 401K's, Pensions, Social
Is retirement income from IRA's, 401K's, Pensions, Social Security etc. taxed by the state of Minnesota? and If so what is the tax rate?… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I put my ss income & pension income on my tax return but it
I put my ss income & pension income on my tax return but it only showed I had to pay taxes on my pension. Is this correct? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
15,878 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x