Thomas Mitchell — What Legal Training Do You Have?
Video Summary
Hi, I’m Tom Mitchell, one of the partners at Waller & Mitchell. I’m here today to tell you about my legal background, specifically where I got my education.
I went to undergraduate at the United States Naval Academy and after graduation I spent a couple of years in the fleet driving ships around. But during that time the Navy decided they wanted to send me back to law school, so I went back to law school at Ohio State. I graduated from there and became a Navy JAG for the next fifteen-odd years. And then just before I was ready to retire, I went back to law school at William & Mary in Williamsburg, Virginia. This time on the GI bill, where I got a Masters in Taxation.
So that’s how I came to be where I am today. Thank you.
Thomas Mitchell — What Made You Want to Be a Lawyer?
Video Summary
I’m Tom Mitchell. I’m with the partners of Waller & Mitchell, and I’m here to talk to you today about why I wanted to become a lawyer.
I was born into a family of lawyers. My dad was a lawyer, and eventually became a judge, and so I was hanging around lawyers and courtrooms pretty much my entire life. And I like helping people, and that’s what I get to do as an attorney. I get to help people try and have positive outcomes from their problems.
Visit us at Waller & Mitchell. Thank you.
Thomas Mitchell — What Are Some Highlights of Your Career?
Video Summary
Hi, I’m Tom Mitchell, one of the partners at Waller & Mitchell, and I’m here today to talk to you about some of the highlights of my career.
I’ve had a pretty varied career. I was an attorney in the Navy for twenty years. I graduated from the Naval Academy. I have had the opportunity to do two or three landings and takeoffs on aircraft carriers, which was pretty interesting. I’ve had the opportunity to spend a year in Guantanamo Bay as the head of the legal office down there. I’ve had the opportunity to defend a fellow that murdered two people with a claw hammer, beating their heads in. That was pretty interesting.
So I’ve had a pretty varied career, but I’m now doing primarily probate and guardianship work, and sometimes that isn’t as exciting as the Navy career. (But they still don’t have JAGS that look like the ones on TV.)
How Does Selling a House Affect My Income Taxes?
Video Summary
How does selling your house affect your income taxes? Well if you sell your house for a loss you don’t’ get to deduct the loss. If you sell your property for a gain you have to pay long term capital gains on the sale of your property, if you’ve lived there for over a year. If you’ve lived there for less than a year well then you have to pay short term capital gains.
If you’ve lived in the property for two out of the past five years and you’ve occupied it two out of the past five years you can exempt up to $250,000.00 of gain. If you owned it as husband and wife you can deduct up to $500,000.00 of gain. So if you sell your house, you can’t take any losses, and if you have a gain and you’ve lived there for two out of the past five years, you can exempt those from your income and you do not have to pay long term capital gains on the sale.
So if you have any questions about selling your home well give me a call at (727)847-2288.

