Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I have a tax law question. Can you help me? Ohio. None. This…

Customer Question
I have a tax...

I have a tax law question. Can you help me?

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

Ohio

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

None

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

This is a question of my tax liability on the sale of the only home I've owned for the last 5 years (a vacation home) that I've lived in for about 25 months out of the 5 year period.

Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 4 minutes by:
3/18/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 1 month ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,055
Experience: Adjunct Professor
Verified
Hey! I'm Carter, I'm a CPA and can help you out.
The capital gain is going to be your sales proceeds less the amount you paid for the property plus any repairs or improvements on the house.
There is an exclusion of $250,000 ($500,000 if you file jointly) if it was your principal residence for 2 of 5 years. There's no clear definition of principal residence but it's generally thought of as the place that you permenantly live. So, if your other home was more of a principal residence and you used the sold home just for vacations, the exclusion does not apply.
Let me know if you need anything else. If not, please leave a rating. Thanks!
Ask Your Own Tax Question
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 1 month ago

Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

Ask Your Own Tax Question
Was this answer helpful?
Ask Carter McBride Your Own Question
Carter McBride
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,055
1,055 Satisfied Customers
Experience: Adjunct Professor

Carter McBride 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

4,451 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 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
If there is no federal tax liability in 2016 because there
If there is no federal tax liability in 2016 because there was no income in 2016, what is the minimum estimated tax that needs to be sent with the extension for 2017 to avoid a penalty?… read more
abci168
abci168
Principal
27 satisfied customers
I currently have a payment plan for capital gains on sale of
I currently have a payment plan for capital gains on sale of prior home. Understand we are obligated to pay all subsequent taxes as long as the installment plan is in place. If I file an extension tod… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Please help me calculate capital gains tax on piece of
Please help me calculate capital gains tax on piece of residential real estate (single family home) rented out that does NOT qualify for the homeowners exemption. I've read a lot about depreciation an… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question about capital gains tax. We sold a house
I have a question about capital gains tax. We sold a house last year that we built about 30 years ago. Our initial cost in building was about $65,000 and the land value was $10,000. Over the years we … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,080 satisfied customers
Colorado Capital Gain Subtraction - there is a Colorado
Colorado Capital Gain Subtraction - there is a Colorado income tax provision that excludes capital gains earned from either real or tangible personal property that is located in Colorado (https://www.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I used a calculator to figure capital gains tax on the sale
I used a calculator to figure capital gains tax on the sale of my rental property in CA... do the figures look reliable? I am a hawaii resident. Will there be other taxes due besides capital gains? Th… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
1,055 satisfied customers
I have a tax liability with the State of Wisconsin. Can the
I have a tax liability with the State of Wisconsin. … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
Iowa Income Tax. Is 100% of capital gains on the sale of a
Iowa Income Tax. Is 100% of capital gains on the sale of a rental property deductible if the requirement is met for hours spent for management of the property? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
I have a capital gains taxation question, federal and state
I have a capital gains taxation question, federal and state of california … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Taxes. In regards to the new tax laws. The child credit.
Taxes.In regards ***** ***** new tax laws.The child credit. Please explain. I have 4 kids. Is it a deduction or a credit. And is there a limit and I believe I read It's 2k per kid. Do you simply get c… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What would my capital gains tax be on a commercial property
What would my capital gains tax be on a commercial property bought in 2005 for $835000.00 and if sold today for $2,770,000.00 in California? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What would the rate of capital gains tax on income property
what would the rate of capital gains tax on income property held for 25 years by an owner who of late had and will have income of less than20,oooIt is also my understanding we (my brother and I) are e… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
What is the capital gain tax for a corporatized farm land
Hi What is the capital gain tax for a corporatized farm land sale … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What do I have to do to pay capital gains on the sale of an
What do I have to do to pay capital gains on the sale of an estate property when there is no other income?My mother passed away in April 2016. House was vacant until I fixed it and sold it in January … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What are the turm capital gains tax on properties that are
what are the long turm capital gains tax on properties that are in germany? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Figure out how much is my tax liability + my capital gains +
Figure out how much is my tax liability + my capital gains + depreciation recapture tax … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are you familiar with Capital Gain taxes on rental property?
Are you familiar with Capital Gain taxes on rental property? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What is the capital gains tax on proceeds of the sale of a
What is the capital gains tax on proceeds of the sale of a home? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,294 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