I r s what do i pay?

[Bearstain]

What is the name of your state?Washington. Conderation for the deed a settlement agreement based on behavior. Punitive damages i believe.I sold this property is the capital gains based on selling price or on the selling price minus the value of land and selling costs. Tax on 50000 ?or tax 19000? 5000 selling costs ,26000value at time of settlement snd deed to me ,capital gains tax. On1 9000 correct? Of capital gains on entire 50000 ?

 

[doucar]

Break it down better. Your post is unintelligible as written. Or see a tax professional in your area.

 

[adjusterjack]

It's also been discussed already.

https://forum.freeadvice.com/threads/capital-gains-tax.660963/

 

[Zigner]

https://forum.freeadvice.com/threads/capital-gains-tax.660963/
https://forum.freeadvice.com/threads/how-much-income-tax.660971/

Before we go any further, please tell us how many threads you intend to start on this subject...

 

[davew9128]

I can't even...if you can't even figure out how to use a calculator, seek help.

 

[LdiJ]

What is the name of your state?Washington. Conderation for the deed a settlement agreement based on behavior. Punitive damages i believe.I sold this property is the capital gains based on selling price or on the selling price minus the value of land and selling costs. Tax on 50000 ?or tax 19000? 5000 selling costs ,26000value at time of settlement snd deed to me ,capital gains tax. On1 9000 correct? Of capital gains on entire 50000 ?

Capital gains are calculated as follows:

Purchase price plus major improvements = Basis
Selling price minus selling expenses = Proceeds
Proceeds minus basis = Capital gain or loss

Based on the information you have given, plus your wording, it may be difficult to determine your basis.

Try explaining the situation again, using full sentences and fully explaining the situation. If you don't understand the settlement that you made, see a tax pro with all documentation in hand.

 

[Zigner]

Capital gains are calculated as follows:

Purchase price plus major improvements = Basis
Selling price selling expenses = Proceeds
Proceeds minus basis = Capital gain or loss

Based on the information you have given, plus your wording, it may be difficult to determine your basis.

Try explaining the situation again, using full sentences and fully explaining the situation. If you don't understand the settlement that you made, see a tax pro with all documentation in hand.

The OP has at least two other threads on the same subject. They may have the information you are looking for.

 

[davew9128]

If you don't understand the settlement that you made, see a tax pro with all documentation in hand.

Now why would you do such a horrible thing to some poor tax pro in Washington?