Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

In 2017 I was a first time home seller, I invested the

Customer Question
In 2017 I was...

In 2017 I was a first time home seller, I invested the proceeds in an investment acct.. how do I report this transaction and will it be taxe

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Well, I don't know if I should report the proceeds.

Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
1/7/2018
Tax Professional: Richard, Tax Attorney replied 1 month ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,174
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 1 month ago

Good morning. Can you provide me a bit more information? How long did you live in the house as your principal residence? How much did you pay for the house? How much did you sell it for? And, if you made any improvements to the house, what was the cost of those improvements? Thank you!

Ask Your Own Tax Question
Customer reply replied 1 month ago
27 years. Bought for 180k and sold for 355k. Owed 200k on mortgage. Installed new roof and windows. Combined costs 27k. It was my first and only residence.
Tax Professional: Richard, Tax Attorney replied 1 month ago

Thanks for your response. You are not going to owe any tax regardless of what you do with the money. Your gain is less than $250,000 (i.e., sale price in excess of purchase price plus improvements). Since this has been your principal residence for 27 years, under Section 121 of the Internal Revenue Code you can exclude up to $250,000 of gain from the sale of your principal residence. Thus, since your gain did not exceeed $250,000, all your gain would be excluded from income under Section 121. This is a link to that Code section: https://www.law.cornell.edu/uscode/text/26/121

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Ask Your Own Tax Question
Tax Professional: Richard, Tax Attorney replied 1 month ago

Just following up. My screen indicates that you have not reviewed my response. Please let me know if you did not receive it so I can re-send it if necessary. Thank you!

If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Ask Your Own Tax Question
Ask Richard Your Own Question
Richard
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,174
56,174 Satisfied Customers
Experience: 29 years of experience as a tax, real estate, and business attorney.

Richard 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

1,312 satisfied customers

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

Richard

Richard

Tax Attorney

56,174 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 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
According to Paperwork Reduction Act, if I use transactions
according to Paperwork Reduction Act, if I use transactions in the credit card statement as proof of receipts for expense for tax purpose, will IRS allow it?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I get a premium tax credit for my market place health
I get a premium tax credit for my market place health insurance I am worried that I would need to pay this back at one point. Currently, I am not working, I have four children, and my entry to U.S was… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How do you calculate the state income tax, the local income
Hello, how do you calculate the state income tax, the local income tax, and the federal income tax withheld? For the local income tax, do just multiply the state wages by the county tax rate? For exam… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
In regards taxes. If I pay off a line of credit for my
In regards taxes.If I pay off a line of credit for my business. Is this 100% tax deductible and if so, can you claim it all at once. So if I owe 160k on a line of credit I took out to build it. And pa… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,044 satisfied customers
Concerning health insurance premium tax credit repayment. I
Concerning health insurance premium tax credit repayment. I took an early IRA withdrawal to buy a home in November 2017. This had an effect to quadruple my income. Does this mean I no longer qualify f… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Are there any refundable tax credits for an individual with
Are there any refundable tax credits for an individual with children and only Social Security disability income?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
RE: Health insurance premium tax credit. I have an S corp
RE: Health insurance premium tax credit. I have an S corp that lost money last year but paid full price fro insurance on MD health exchange. TUrbotax shows that because my taxable income is less than … read more
Carter McBride
Carter McBride
LLM
432 satisfied customers
What is the formula for calculating the exact tax credit
What is the formula for calculating the exact tax credit applicable from the R&D tax credit?For example, if I have $100K in revenue and $50K of that is spent on R&D, what is my tax credit and what is … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What is the federal income tax exemption for a single tax
What is the federal income tax exemption for a single tax payer for 2017? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
My question is: Is the foreign tax credit 100% Offset to the
Hi, my question is: Is the foreign tax credit 100% Offset to the Alternative Minimum Tax, if there are only foreign income? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Has the disabled tax credit been changed? In the beginning,
has the disabled tax credit been changed? In the beginning, type 2 diabetes was used as an example of a disabilty that would be approved. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,044 satisfied customers
Transacting in Bitcoin. I run several affiliated businesses.
Transacting in Bitcoin. I run several affiliated businesses. Company A receives money from the customers. Company A pays Company B for services and Company B pays Company C for services. Then Company … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am looking for guidance on transactions between a US
I am looking for guidance on transactions between a US corporation and it's foreign corporate owner. … read more
Carter McBride
Carter McBride
LLM
432 satisfied customers
Form 8300. We are doing a business to business transaction.
We are doing a business to business transaction. The form is not clear on how to compete. Do we complete Part I f … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Energy Credits - Please confirm that energy tax credits have
Energy Credits -Please confirm that energy tax credits have expired at end of 2016. Are there any credits for residential HVAC for 2017 tax year?Thanks, JW… read more
abci168
abci168
Principal
27 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,044 satisfied customers
Income Tax question: When the AGI is very and none of the
Income Tax question: When the AGI is very and none of the donations are deductible, and standard deduction is taken. Will the donation for that year carry forward even though standard deduction is tak… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,300 satisfied customers
Can franking credit on an Australian income tax return be
Can franking credit on an Australian income tax return be used on Form 1116 as tax paid on the franked distributions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 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