Anonymous
Not applicable
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Investors & landlords
It's complicated since the taxes depend on whether the taxpayer is filing as single or joint. as an approximation, if a single taxpayer who doesn't itemize has AGI of $400K ordinary and $100K long tern gains the tax on the capital gains would be about $48K tax at 15% and $52K tax at 20% for a total of about $17,700 the tax on the balance of the income would be about $110,900 for a total of about $128,600,
however, if a joint return the whole $100K of capital gains gets taxed at 15% ($15k) with the tax on the balance of the income being about $82,800 for a total of $97,800. for purposes of this illustration I used 2019 rates.
‎October 25, 2020
12:55 PM