Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

What is the rate of tax I will pay on the gain from the sale…

Customer Question
What is the rate...

What is the rate of tax I will pay on the gain from the sale of my house

Accountant's Assistant: What state are you in? It matters because laws vary by location.

California

Accountant's Assistant: What steps have you taken so far?

I anticipate the net sale price or $1,300,000, and an adjusted basis of $900,000. Haven't sold yet.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Only that my question is in anticipation of selling and all costs are included oil the above figures.

Submitted: 7 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
11/7/2017
Tax Professional: Richard, Tax Attorney replied 7 months ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,897
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified

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!

Ask Your Own Tax Question
Tax Professional: Richard, Tax Attorney replied 7 months ago

Good evening. Are you married? Or, do you own this home alone as a single person? Thanks.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

56,897 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

Related Tax Questions
I have a question regarding tax law. I live in California.
In short, I am a US citizen who has lived outside of the country for 30 years. I recently returned, and filed my federal taxes in April, online. I have not filed for the last 10 years. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is there a Federal or Utah State law that requires non-
Hi! Is there a Federal or Utah State law that requires non- profit, 501(C)3 charities to return a donation if the donor asks (the money is not being used as per the donation)? … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
353 satisfied customers
Bother-in-law estate in California, estate payments were
Bother-in-law estate in California, estate payments were paid out of executor account in North Carolina. When I file an amended return, in addition to federal and North Carolina tax, do I also owe tax… read more
abci168
abci168
Principal
27 satisfied customers
California Tax Question After inheriting a home in
California Tax QuestionAfter inheriting a home in California which is in escrow , due to close in 3 weeks are there separate inheritance taxes for California?And for federal is it really 40% taxes ?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
In California there is a law ,I believe, that if a house is
In California there is a law ,I believe, that if a house is your primary residence and a wife inherits the property the bank can not accelerate the loan.What constitutes according to the new tax code … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
I had a question about tax laws in New York state for small
Hi Pearl. I had a question about tax laws in New York state for small businesses … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Do you answer tax law questions for California? None. We are
We are being billed for late filing fees for an LLC that is out of business by the Franchise Tax Board.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
I have a 501c3 I am dissolving in the state of California.
I have a 501c3 I am dissolving in the state of California. It is BOTH a 1st & Final return. I have already filed the Federal 990. What I cannot seem to get straight is if I need to file any state form… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
I have a question about California safe harbor law. I was
Hello. I have a question about California safe harbor law. I was given a 2 year contract to work in Beijing, China. Am I a non-resident the moment I leave CA to start that contract or ONLY AFTER 546 d… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
I am a State resident but with an interest % in a California
I am a Washington State resident but with an interest % in a California S Corp. I forgot to include this California K1 on my tax return in 2014 & 2015, so I just received a letter from CA saying they … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I live in California, a commie property state. I am married.
I live in California, a commie property state. I am married. If we file separately, I understand there is something on the tax forms called "Community property income." I am using turbo tax so I done … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Federal and California state taxes: Yet another "Do I Need
Federal and California state taxes: Yet another "Do I Need To File" questionMy wife and I receive Social Security benefits totaling a bit more than $35K annually, and in the past we have not needed to… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
California taxes In the event that there is an audit, and
California taxesIn the event that there is an audit, and the CA state disallows certain credits, and then they charge back the refund. Say those payments were paid back in 2017....can those payments t… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Another expert referred me to the State of California online
Another expert referred me to the State of California online resource to file my 2016 State Taxes. Since I had self employment I am unable to file online. Please let me know where I can get the forms … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,045 satisfied customers
California State Tax We moved to California from August 2016
California State TaxWe moved to California from August 2016 till March 2017. Are we liable for California State Taxes during this time? We have an online business, in which all sales are from Thailand… read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
Looking for tax law advise, California, I owe State and
I owe State and Federal Taxes for 2015 & 2016 and have worked out a monthly payment plan with the State but Federal is asking for a $6,100 lump sum by 1/28/18 before working out a monthly payment plan. If I cannot come up with the lump sum they will file a Notice of Federal Tax Lien that will be reported to the credit agencies. Is there any way to negotiate this? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Tax law. California. 2016. I am a tax preparer... I have a
I am a tax preparer... I have a client that is under audit... he unfortunately paid approximately $200,000 to subcontractors CASH... the IRS is not allowing the deduction... is there a way we can prove it?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
Hawaii state law to automatic gratuities are taxed? Hotel
Hawaii state law to automatic gratuities are taxed? … read more
abci168
abci168
Principal
27 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