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First - Name is. Am a total novice at this, and am seeking…

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First - Name is...

First - Name is ***** *****. Am a total novice at this, and am seeking specific in-depth information regarding "Capital Gains" on the condo property I purchased back in 99'. This property was originally purchased for two reasons. First reason - My single parent daughter needed a place to live after the divorce. Second Reason - I owned a company at the time when I needed additional investments to offset income. All for tax purposes of the time.

Accountant's Assistant: What are the assets or property for this capital gain?

Have received an offer for $330,000.00 for property May 2018, and property was originally purchased back in 99' for $199,000.00

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

What are costs for this evaluation?

Accountant's Assistant: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.

Again what are the costs for this type of consultation?

Accountant's Assistant: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.

I can't proceed if I do not know at least the range of costs associated with this type of online help?

Submitted: 2 months ago.Category: Tax
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Answered in 5 minutes by:
5/30/2018
Tax Professional: Lev, Tax Advisor replied 2 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,335
Experience: Taxes, Immigration, Labor Relations
Verified

Hi,

The gain is calculated as

$330,000 (selling price) MINUS $199,000 (adjusted basis) = $131,000

While your basis is original purchase price - it is adjusted by improvements and some additional items - for instance - purchase and selling expenses.

So your actual gain will be slightly less.

Then - because the property was owned more than a year - that gain will be taxed at reduced rates - most likely at 15% - plus state income tax depending where you live.

The actual tax liability is based on your income - I will help with estimations if needed.

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Tax Professional: Lev, Tax Advisor replied 2 months ago

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.
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