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A senior citizen age 73 made $9,000 in capital gains, his only income, what does he pay in taxes? |
A senior citizen age 73 made $9,000 in capital gains, his only income, what does he pay in taxes? After his standard deduction of $5,000 plus $1,250 for his age and his $3,200 exemption .... Looks like he won't be paying any taxes at all First off I have a hard time believing that there were no additional income (Interest income? Dividends? Social Security ? )Here's the deal if say for the sake of argument, the individual collected $12,000 in Social Security and sold whatever he sold (I am assuming long term capital gains, ie held for more than 1 year) this individual would end up owing $550. Because of the $12000 Social Security income, $10200 would be taxable thus making his adjusted gross income equal to $19200. His Standard deduction and personal exemption would be $9200 leaving taxable income of $10000. The tax on this is $550. Regardless of what the income is, the individual will need to file a tax return. Hope this example was clear. This senior citizen pays $0 in tax. moreso, if he or she had lived in the house for two out of the last five years.see a lawyer or a CPA for a more professional advice. If that was his only income than his taxes will be zero |
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