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Planning on selling investment prop. 11m basis is 1.5m

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planning on selling investment...

planning on selling investment prop. 11m basis is 1.5m Trying to understand the cap gains and income tax relationship. My yearly income is 75K for payroll. The transaction pending I plan on taking 1m in Boot and the balance into 1031 exchange. will the boot be considered in my 2018 income tax or just the 75k payroll. thanks

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Submitted: 29 days ago.Category: Tax
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3/24/2018
Tax Professional: Richard, Tax Attorney replied 29 days ago
Richard
Richard, Tax Attorney
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Tax Professional: Richard, Tax Attorney replied 29 days ago

Good afternoon. In determining the capital gain rate on your boot, both the boot and your other payroll income will be considered in determining at what rate your boot will be taxed. And, it depends upon your filing status....single taxpayer, married filing jointly, head of household or married filing separately. To find the applicable bracket, this link will provide you the rate: .

https://www.fool.com/taxes/2017/12/22/your-guide-to-capital-gains-taxes-in-2018.aspx

In addition, starting in 2013, capital gain income became subject to an additional 3.8% Medicare tax for taxpayers with income at or above a certain threshold. This 3.8% Medicare surtax applies to taxpayers with “net investment income” in excess of threshold income amounts of $200,000 for single filers and $250,000 for married couples filing jointly.

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Tax Professional: Richard, Tax Attorney replied 28 days 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!
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