Fw: Selling House and living off the interest = What

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QUESTION:
Dear Sir or Madame,
Say I'm able to sell a house for $350,000. After capital gains and
additional fees to, I'll left with $300,000. Now, if I were to put that
money in the bank and withdraw $27,000 a year, how much would I pay in taxes
in that income?
Sincerely,
AAAAAAXXXXXXXXXX
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david ingram replies:
The question is impossible to answer bewcause I do not know what other income you have and I do no0t know what interst rate you will get from the bank.
I do not know your marital status and whether or not, you would file a joint return with a spouse.
But, assuming you were single and living in California and got 3% from the bank or $9,000 approximately from the bank, youwould owe the Feds about $130.00 and the State of California would want no tax.
If you were lucky enough to get 5% or $15,000, you would owe the feds $800 and California $102.00 fro a total of $900.00
However, this question almost did not get in.
I am answering it to tell you that you should not sell the house and try and live on the interest.  It cannot be done in the long term unless the house is extremely expensive and you live on virtually nothing.
Before you sell and try to live on the interest, consult a qualified financial expert who does not just sell real estate or just sell mutual funds or just sell life insurance.
You need the combination of people like our office where George Hatton, CA is a licenced Mutual Fund represaentative and I am a licenced although pretty inactive Realtor.
George and I work together with clients in your postion to give the best advice possible.  We can only do that by charging a fee for advice to remain neutral.  Otherwise, as a realtor, the only way I can get paid is if I tell you to sell and list your house for sale and the only way George can get paid is by selling you something.  Find a fee for service office where the advice is meaningful and tied to your needs, not those of the consultant.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321 
New email to [email protected]
www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed information or consultation and is to be regarded only as general comment.   Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
Be ALERT,  the world needs more "lerts"
 
This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. Davidi Ingram deals daily with tax returns dealing with:
multi jurisdictional cross and trans border expatriate problems  for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, and any of the 43 states with state tax returns, etc.
  
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