Can anybody send me a link, also as a michigan residents, what will my take rate be for capital gain taxes. I will make 50,000 this year from my job and 180,000 dollar profit off of the investment property.
2007-08-12 16:00:04 · 3 answers · asked by Jay 1 in Business & Finance ➔ Taxes ➔ United States
If you made that much money you'd be wise to consult a pro for assistance. You have issues with depreciation, ST gains, net non recaputred section 1250 gains, passive income. (Get the point?)
You're return could be somewhat complicated. A little planning and advice could save you much more than the tax fee!
2007-08-12 16:10:06 · answer #1 · answered by smh60437 3 · 2⤊ 0⤋
If this happened you should have asked these questions before you sold the property. If you have already made this sale you should contact a tax professional and among other things make an estimated tax payment.
2007-08-13 01:32:28 · answer #2 · answered by ? 6 · 0⤊ 0⤋
One more thing - the others give good advice about consulting a tax professional, but this is not something to take to a store-front place like H&R Block - you want a CPA or enrolled agent.
2007-08-13 12:51:18 · answer #3 · answered by Judy 7 · 0⤊ 0⤋