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    mone1's Avatar
    mone1 Posts: 2, Reputation: 1
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    #1

    Oct 31, 2014, 04:13 PM
    How much is the tax on $150,000,00
    I live in New York City and I will be reciving a check for $150,000,00, what will the tax be?
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #2

    Oct 31, 2014, 05:12 PM
    What is the money from? (Sale of property, inheritance, lottery win, sale of stock, etc)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Oct 31, 2014, 06:03 PM
    RE Joy's post, the source of the check IS important.However, the actual percentage of your tax ate depends on your OVERAL income level, plus HOW you claim your deductions (standard or itemized).Also, are you married? If yes, are there children?
    mone1's Avatar
    mone1 Posts: 2, Reputation: 1
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    #4

    Oct 31, 2014, 06:13 PM
    I live in New York City and I make about $35,000 a year. I am going to get a 1st payment of $20,000 and then $130,000.00 for the buyout of my apartment how much will my taxes be?


    I live in New York City and I make about $35,000 a year. I am going to get a 1st payment of $20,000 and then $130,000.00 for the buyout of my apartment how much will my taxes be? I am single and have no kids, when I file my tax I clam standard.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #5

    Oct 31, 2014, 06:13 PM
    Assuming you have lived in the apartment for at least TWO of the last FIVE years, the income will be TAX-FREE under federal tax law.I believe New York tax law mirrors the federa law in this respect as well
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #6

    Nov 1, 2014, 02:38 AM
    Except that I don't think this is a real property sale! Nothing in NYC would be that cheap. This sounds like a payoff to leave a rent controlled apartment, or a rental building being turned into condos.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #7

    Nov 1, 2014, 06:33 PM
    If JoyPlv's read is correct (that it is a payoff to leave a ent-controlled apartment), then the income is reported as additional income on Line #21 of Form 1040.If so, the federal tax would be about 25% for the federal tax (rough estimate of $41,800).The NY state tax is about 6.65%, so with deductions, it will be about $11,000.The NY city rate is about 3.65%, so it wll be about $6,500.
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