John Madison

CPA
Personal Finance, Investing, Taxes
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15
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“John is a CPA and financial coach committed to educating and empowering individuals and couples to make smart decisions regarding their personal finances. Schedule a no-cost, no-obligation consultation to learn more!”
Firm:

60 Minute Finance

Job Title:

CPA and Financial Counselor

Biography:

Born and raised in Virginia, John passed the CPA exam before graduating from Virginia Commonwealth University and beginning his career at a “Big-8” accounting firm in 1987.   

After two years in public accounting, he accepted employment with a client and rose through the ranks in private industry.  Desiring to work in a more diversified environment, John started his own accounting practice in 2000 and added personal financial coaching services in 2013.

John resides in Hanover County, Virginia with his wife and children.  He is active in his church, enjoys finishing a good run or workout at the gym, and leads personal finance classes in the community.

In addition to 60 Minute Finance, John is also the owner and president of Riverpine Services, Inc.  Riverpine Services, Inc., provides freelance accounting services to a select number of small businesses throughout the region. In 2016, John moved to a part-time roll with Riverpine to focus his attention and energy on his personal financial education efforts.

Education:

BS, Accounting, Virginia Commonwealth University

Fee Structure:

Fee-Only

Disclaimer:

The recommendations provided are educational in nature and not intended to be specific recommendations for any particular individual.  The goal is to educate and inform readers of available options, with the ultimate decision being theirs.  Please consult the appropriate tax, investment, insurance or financial planning expert before making any final decisions.

All Articles
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last month
    Debt, Personal Finance
February 2018
    Real Estate, Financial Planning
5 weeks ago
    Investing, Retirement, IRAs, Retirement Savings
January 2018
    Financial Planning, Personal Finance

All Answers
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    Real Estate, Taxes
When do I pay capital gains tax?
67% of people found this answer helpful

Capital gain taxes are reported on the return for the tax year of the sale.  So for your example, any capital gain taxes due from your condo sale would appear on your 2017 return.  Unless you completed a 1031 exchange, what you did with the proceeds of the sale will not impact the capital gain taxes that would be due (if any).

I can't determine from your question, but if the condo you sold was your personal residence, no capital gains would be due (as long as it was your personal residence for 2 of the last 5 years).  Even if it was rental property, you may not owe taxes on the sale.  It would depend on your cost basis in the property.  Further, the sales price of $170,000 could be reduced by expense of sale, such as real estate commissions.  Check with your local tax professional to assess your exact situation.

Thanks for your question.

2 weeks ago
    401(k), IRAs, Taxes
Should I wait until the next market crash before I convert both my traditional IRA and 401(k) accounts to a Roth IRA account in order to pay less taxes on a lower gain?
33% of people found this answer helpful
2 weeks ago
    Retirement, Social Security, Investing, 401(k)
Should we sell our investments and move our money into cash accounts?
75% of people found this answer helpful
3 weeks ago
    Stocks, Taxes
Does my 18-year-old child have to claim income from stock dividends that are automatically reinvested?
4 weeks ago
    401(k), Real Estate
Should we use my husband's 401(k) to pay off our mortgage?
50% of people found this answer helpful
4 weeks ago