QUESTION
An investment yields a one-time pay out of $100,000. My wife and I live on monthly SS. How much will we have to pay in taxes on the $100,000?
Asked on Sep 09th, 2013 on Taxation - New Jersey
3 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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It depends on what type of investment it is. If it is tax-deferred, you will pay taxes at your regular rate, or if you've held it more than a year, you will pay a lower capital gains tax rate.
Answered on Oct 25th, 2013 at 4:13 PM
No one can give you an exact answer by email. Go see a tax lawyer or accountant. Preferably before you cash in because there may be ways to dramatically reduce the taxes if done right.
Answered on Sep 10th, 2013 at 11:26 AM
General Law Attorney serving Cherry Hill, NJ
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Mark S. Cherry, Attorney at Law, PC
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Depends on your basis as well as if it is considered ordinary income or capital gain income.
Answered on Sep 10th, 2013 at 8:27 AM