tax on home sale

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stuarte
Posts: 2
Joined: Thu Aug 02, 2018 3:46 pm

tax on home sale

Post by stuarte »

I included a future home sale with a taxable rate of 36% (estimate) in the inputs but when I look at the plan, it doesn't appear to have deducted the taxes in the detail view. Is there some way to correct this?

jimr
Posts: 634
Joined: Thu Feb 28, 2008 6:48 pm

Re: tax on home sale

Post by jimr »

There isn't a way to specify a tax rate for a particular cash flow in the bottom table in additional inputs.

The income cash flows in that table let you specify a 'taxable percent', which is the part of the cash flow that's subject to income tax. The cash flow is multiplied by the taxable percent and is then taxed at the income tax rate that was specified for that year (either on the main input page or in the upper table in additional inputs).

Does the detailed output show any tax getting deducted?

Is the income tax rate set to a non-zero value on the main input page?

Jim

stuarte
Posts: 2
Joined: Thu Aug 02, 2018 3:46 pm

Re: tax on home sale

Post by stuarte »

I see my error. I had the main page tax rate set correctly, but under the additional input under taxable percentage, I had that set to the capital gains rate when it should have been the percent of the amount that was taxable. I think that fixed it. thanks.

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