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80 yrs old selling a rental 40yrs ownership now in 13percent…

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80 yrs old selling...

80 yrs old selling a rental 40yrs ownership now in 13percent tax bracket Capital gain adjusted aprox 550k. what percent do I owe Federal tax on gain

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No, single household exist

Submitted: 1 month ago.Category: Tax
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Answered in 11 minutes by:
12/31/2017
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 31,362
Experience: Taxes, Immigration, Labor Relations
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Assuming

- that is ONLY income

- the sale occurred in 2017

I run quick estimation

- Std. Deduction:$7,900

- Taxable Income$542,100

- Regular Tax:$75,622 (reduced fro long term capital gains)

- Alternative Minimum Tax:$14,971

- Net Investment Tax:$13,300

Total tax liability - $103,894

Let me know if any correction needed to my assumptions.

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Tax Professional: Lev, Tax Advisor replied 1 month ago

I hope that will help you to makeup your mind.

Happy New Year for you - and best wishes for your family!

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