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Deductions & credits
Yes and no. You are required to file and report the capital gains on your tax return, if your total income (including the capital gain) is more than $10,400 (Single Filing status).
Long term capital gains (property owned more than 365 days) are taxed at 0%, effectively up to up to $48,000, for a single person with no other income.
Short term capital gains are taxed as ordinary income. The first $10,400 will be tax free (since you have no other income), the next $9325 at 10%, after that 15%. Higher rates apply above $37,850.
The numbers will be different if you are somebody's dependent.
You can use this tool to estimate your tax: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1
‎June 4, 2019
1:31 PM