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Long Term Capital Gains Question
Posted on 12/27/18 at 2:49 pm
Posted on 12/27/18 at 2:49 pm
I'm reading that the income level for MFJ 0% long term capital gain rate is $0-77,200. I'm trying to figure out if if that listed income is pre or post taking my standard deduction.
I looked online and can't seem to find an exact answer. I imagine this is a pretty simple question for the money board. Thanks in advance!!!
I looked online and can't seem to find an exact answer. I imagine this is a pretty simple question for the money board. Thanks in advance!!!
Posted on 12/27/18 at 4:10 pm to KingofZydeco
It is based on taxable income, so that is after standard deduction.
Posted on 12/27/18 at 10:20 pm to KingofZydeco
If you $77.2k of other taxable income then the CG is taxed at 15%.
If you have $50k if other taxable income then up to $27.2k of cap gains are taxed at 0%. Just an example.
At least that is my understanding of how capital gains taxes work.
If you have $50k if other taxable income then up to $27.2k of cap gains are taxed at 0%. Just an example.
At least that is my understanding of how capital gains taxes work.
Posted on 12/28/18 at 9:32 pm to nctiger71
Thanks all for the reply. Looks like I’m saving $1k in capital gains this year !!!!!
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