Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I have sold my primary residence house owned with husband…

Customer Question
I have sold my...

I have sold my primary residence house owned with husband but he took all the profit of 55k as well as earned 99k in full time job, whereas I earned 7k in 2017 and currently making 1200/month. We are going through divorce and husband wants to split taxes which I can't afford. If I file as married filing separately, will I get smaller bill than simple 50/50 split?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Nothing is out of the ordinary otherwise. We aren't splitting assets in divorce so I don't want to be stuck with higher tax liability than I could have afford in 2017 or 2018 with limited income.

Submitted: 27 days ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
3/25/2018
Tax Professional: Barbara, Enrolled Agent replied 27 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,784
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

I am reviewing your question and will post my response in a few moments.

Ask Your Own Tax Question
Tax Professional: Barbara, Enrolled Agent replied 27 days ago

Because you earned over $4,050 in 2017, you can file married filing separately and you will NOT owe any tax.

Ask Your Own Tax Question
Tax Professional: Barbara, Enrolled Agent replied 27 days ago

If you are not divorced by 12/31/18, and continue to earn $1200/month during all of 2018, your tax liability will be $240 if you file separately.

Any tax withheld from your paycheck during the year will get deducted from the $240.

Make sense?

Ask Your Own Tax Question
Customer reply replied 27 days ago
Thanks!
I understand 2018 withholds now.But do I owe any tax for house sell? I was co-owner but didn't get to keep any money from the profit. I had transferred it all to husband within hours after closing.
Tax Professional: Barbara, Enrolled Agent replied 27 days ago

If the house was your primary residence and you owned and lived in it for 2 of the 5 years immediately preceding the sale, up to $500,000 of any GAIN from the sale is excluded from capital gains tax if you file married filing jointly. If you file married filing separately up to $250,000 of any gain is excluded.

For example, if you bought the house for $50,000 and sold it for $100,000, the gain is $50,000. No tax would be due whether you file jointly or separately.

Ask Your Own Tax Question
Tax Professional: Barbara, Enrolled Agent replied 27 days ago

If the house was your primary residence, and there was no gain, it does not get reported on your tax return unless you received a 1099-S from the title company/closing agent.

Ask Your Own Tax Question
Was this answer helpful?
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,784
5,784 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara 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
I am doing the taxpayers return as Married Filing Separately
Second opinion] I am doing the taxpayers return as Married Filing Separately & he want to file Itemized Deductions on his return, his return is on Extension. However his wife already filed her return … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 satisfied customers
Arizona Married Filing Separately question We are so
Arizona Married Filing Separately questionWe are so confused--and admittedly quite embarrassed to be asking this question the day before taxes are due.Husband and I got married in 2017. We are filing … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
I am doing the taxpayers return as Married Filing Separately
I am doing the taxpayers return as Married Filing Separately & he want to file Itemized Deductions on his return, his return is on Extension. However his wife already filed her return Married Filing S… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
I am married filing separate. My husband filed simple form.
I am married filing separate. My husband filed simple form. My mother passed away Dec. 2016. She left me her vehicle and mobile home, which have been transferred into my name. Flordia law says both pa… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My married filing jointly Income is approx. $147,505 – Yes I
My married filing jointly Income is approx. $147,505 – Yes I itemize. When I enter W2G gambling winnings up to $2300 with equal $2300 losses, my tax liability is unchanged. When I enter W2G gambling w… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
156 satisfied customers
I'm filing married filing separate and will submit form
I'm filing married filing separate and will submit form 8958. We have a marriage agreemtn … read more
abci168
abci168
Principal
27 satisfied customers
I have a question concerning married filing separately. I am
I have a question concerning married filing separately. … read more
abci168
abci168
Principal
27 satisfied customers
I used turbo tax for married filing jointly. I have a total
I used turbo tax for married filing jointly. I have a total income of $108,246 of which $48,808 is from my wife (part time RN), $50,000 from my consulting, $9438 from early with drawl from 401k and 36… read more
Barbara
Barbara
Enrolled Agent
5,784 satisfied customers
Question regarding Married Filing Separately in California -
Question regarding Married Filing Separately in California - Community Property state -Currently divorcing, wife or her tax person will not respond to me. Can I file my taxes as single since I cannot … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I filed 2 years worth of taxes, married filing jointly. I
Second opinion] I filed 2 years worth of taxes, married filing jointly. I filed injured spouse for both but there are no exemptions listed either years forms for me. All the exemptions are under my hu… read more
Barbara
Barbara
Enrolled Agent
5,784 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
5,784 satisfied customers
It there a way to file married filing jointly on federal but
It there a way to file married filing jointly on federal but file state separately. … read more
Carter McBride
Carter McBride
LLM
966 satisfied customers
Can I amend 2014 tax return to married filing separately
Can I amend 2014 tax return to married filing separately instead of filing joint return? We were legally separated in 14… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 satisfied customers
Married filing jointly, ages 64 and. Assume eligibility for
Married filing jointly, ages 64 and 69. Assume eligibility for traditional IRAs. Contribute maximum 6500 + 6500 to traditional IRAs for 2017 return on April 17, 2018. Take full distributions of 6500 +… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,294 satisfied customers
I'm married, filing jointly, with our combined income not
I'm married, filing jointly, with our combined income not passing 120,000. I had to pay in this year for taxes. I know the tax law is changing for 2018, but I was wondering what I could do to ensure I… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
The standard deduction is 12,700 for married filing jointly
The standard deduction is 12,700 for married filing jointly why does the 1040 form say 4050? … read more
Barbara
Barbara
Enrolled Agent
5,784 satisfied customers
I am 66yrs old married filing jointly $70.000 income. Will I
I am 66yrs old married filing jointly $70.000 income. Will I pay taxes on my SS benefits of $24.000 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
If an employee files taxes as Married, filing separately,
If an employee files taxes as Married, filing separately, does he also have to file his W-4 with our company and choose Married, but single? Or can he choose whatever he wants?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 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