Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I have a question about capital gains when I sell my home in…

Customer Question
I have a question...

I have a question about capital gains when I sell my home in Hawaii.

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

I am active military stationed in Hawaii. Home of record is PA. Married and will be filing jointly next year.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I am figuring to clear around $40K after sale (minus improvement deductions)

Submitted: 2 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 hour by:
6/1/2018
Tax Professional: Barbara, Enrolled Agent replied 2 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,627
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.

Please post your specific question.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. 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

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 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 selling my primary home and will make approximately
I am selling my primary home and will make approximately $67,000. Do I pay taxes on this? How much? Some of the funds will be used as a diwn payment on a new home and to pay off debt. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Do I have to pay capital gains, on the depreciation, of my
Do I have to pay capital gains, on the depreciation, of my rental property? Backstory: my husband is Active Duty military. We have rented the house since 2010. We sold the house last year, 2017. Now o… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We sold our only home in Texas a few months ago, this was
We sold our only home in Texas a few months ago, this was rented for around 8 years and we were living in rental properties. I retired form the US Army in 2012 and we are now looking to purchase a hou… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Capital gains question military person. I bought a house in
Capital gains question for a military person. I bought a house in San Antonio, TX and lived there 03/2009 and moved 10/2010 due to military orders to Korea----next got orders to Colorado Springs and t… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm selling a Disney timeshare and feel sure I'll pay taxes.
I'm selling a Disney timeshare and feel sure I'll pay taxes. I'm active duty military and my home of record is Alaska. If I get say $6500 and my tax bracket is28%, I pay this % for taxes, right? Also,… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Depreciation on primary residence. Could you please explain
Depreciation on primary residence. Could you please explain how depreciation is accounted for on my primary residence. I understand that I do not deduct it on my personal tax return as I would mortgag… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I inherited a house with no mortgage in 1998. I made improvements
I inherited a house with no mortgage in 1998. I made improvements to it...probably about $60,000 or so. I have been borrowing against the home and now have a $417,000 mortgage. The home has gone down … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
myself and my husband are both in the military. I am no longer
myself and my husband are both in the military. I am no longer active duty and he is. We are stationed in Missouri. I am now with the reserves unit here. i am having a problem with my residency. I hav… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I was married to an active duty military memeber in June of ...
I was married to an active duty military memeber in June of 2007. He is still considered a resident of Florida even though he is stationed in Hawaii. I am a resident of Hawaii.Can we file jointly in F… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
If you are active duty military that is retiring are you
We are retiring from active duty military and selling our home. Our 2 year mark would be June 7 and the closing will be April 25th. Will we have to pay capital gains tax?… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Is there a way a person over 55 can avoid paying ...
Is there a way a person over 55 can avoid paying capital gain taxes on the sale of a second home? I've been told that if you're over 55 you don't have to pay capital gain taxes on the sale of a second… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
Im am selling property and would like to know about my ...
Im am selling property and would like to know about my capital gains status. I am 67 years old, retired and have never used a capital gains write off.… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
How much Property Gains Tax to pay on 2nd home sale (rental)
Dear Sir/Madam, In 07' my wife and I are putting our 1927 Portland Rental on the market. We moved from Portland to Seattle in 2000 and are to remain in Seattle. Current Mort. balance = $280,000. After… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
I am selling a 2nd home for $360,000.00. How much if any ...
I am selling a 2nd home for $360,000.00. How much if any do I have to pay in capital gain taxes?.… read more
Guru_Guy
Guru_Guy
Doctoral Degree
1,634 satisfied customers
If i have lived in my home for over 2-years and I sell it ...
If i have lived in my home for over 2-years and I sell it for $400,000, will I have to pay Capital gains?… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
If I paid 225.000 for my house and I sell it for ...
If I paid 225.000 for my house and I sell it for 750.000,how much capital gains tax would I have to pay? I am married , and live in California I am planning on moving up to Oregon and reinvesting the … read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
If you sell your home how do you determine the amount of ...
If you sell your home how do you determine the amount of capital gains tax do you pay? I live in Hawaii and my home will probabl sell for $400,00… read more
Wayne Brasch
Wayne Brasch
Accountant and Business Consultant
Master Degree
718 satisfied customers
In January 2001 my wife and I sold our house after being
In January 2001 my wife and I sold our house after being notified I was to be transferred to another state through my job. The sale went through but the transfer didn't, after which I quit my job and … read more
Mr Tax Tips
Mr Tax Tips
Graduate Student
2 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