Hi Mark,
What do you mean by if you qualify for the home sale exclusion then that amount is not part of total taxable income. Basically, I didn't have wages from a job in 2017, to count towards ordinary income. And I left CA prior to the house being sold. NV became my residence where I worked and lived. So, I suppose longterm capital gains was the only source of ordinary income in the state of CA.
I thought that once a sale exclusion was applied to capital gains from sell of a home. The remaining amount would be categorized into a tax % bracket based on income amount. And taxed at 13.3% as ordinary taxable total income if amount was over $551,000. However, after all deductions were applied for singles using the $250,000 exclusion. Longterm capital gain amount total was $530,000. Would an income bracket be used on this capital gain as ordinary income or not? If so, what would it be? And what tax rate would this amount be taxed at in 2017? As a reference, what information chart or table are you using to determine percentage rate and tax brackets on longterm capital gains? Where can I find a 2017 tax chart regarding rates and tax brackets on the IRS website? Thanks
