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If my wife and I made $70,000.00 jointly in 2024, and I sold a house in which $487,500.00 was taxable. What would my tax rate be on the sale of the house?
I stopped working in 12/15/23. Drew on unemployment benefits (taxable) till 4/1/24 ($7200.00). Filed for retirement and started drawing a $4600.00 a month pension 4/1/24 ($36800.00). My wife is an independent contractor and her gross income is $26,000.
I believe federal taxes on the taxable portion of the house I sold is broken up in 3 rates. 0%, 15%, and 24%. How do I know which tax bracket applies to my situation?
I believe federal taxes on the taxable portion of the house I sold is broken up in 3 rates. 0%, 15%, and 24%. How do I know which tax bracket applies to my situation?
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‎April 17, 2024
7:44 PM