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Im semi retired ,sold a rental property Ive had for 3 yrs &

Second opinion] Im semi retired...
Second opinion] Im semi retired ,sold a rental property Ive had for 3 yrs & have a capital gain about 60K . Im single no dependants & will have about 30 k in 1099 income this year. Will I owe 15% tax liability on this gain.Or because I HAVE only 30K in contract income will I have no tax liability on proceeds I live in Texas The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: NO , JUST TRYING TO UNDERSTAND TAX CONSEQUENCES FROM SALE
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Answered in 1 hour by:
11/1/2017
Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,425
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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H​ello, My name is ***** ***** I will be able to assist you today.

Capital gains tax is based on your ordinary income tax bracket.

As you stated, your Federal ordinary income would reach a top tax bracket of 15%. Taxpayers in the 15% ordinary income federal tax bracket pay Long term capital gains at the rate of 0%

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T​here fore, your tax obligation on a $60K long term capital gain profit would be $0 as long as your ordinary income does not exceed $37,950.

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P​lease let me know if you have any follow up questions or if you would like me to expand my answer above.

Thank you!

Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,425
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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T​hank you for the rating.

Have a great day!

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Customer reply replied 3 months ago
One other question , I have additional rental income . Is that treated as ordinary income & is a factor on determining my threshold at 37950 ?

You claim rental income and expenses on Schedule E, the difference between your rental income minus rental expenses is then listed on line 17 of the 1040. The difference will be a factor in determining the $37,950 threshold.

If you were to exceed the $37,950 threshold your capital gains tax would be 15%. In this case you would owe $9,000 on $60,000 long term capital gain.

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Y​ou still have the standard deduction of $6,300 that you may subtract from your Adjusted gross income before arriving at your taxable income.

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Chad EA, CFP ®
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