@april4mar
You said, "I anticipate long term capital gain of $300,000 as a result of buying a property in cash."
There is no capital gain from buying property (or anything else). You have capital gain when you sell something at a profit.
If you do, in fact, have a long-term capital gain of $300,000, the results of your calculation seem basically correct. But let me correct a couple of errors in terminology. Your AGI is $240,000 and your taxable income is $224,300. AGI and taxable income include the capital gain, even the part of the capital gain that is taxed at 0%. (It's taxed at a 0% rate, but it's still technically taxable.) And you do not reduce your capital gain to $179,675. Your net capital gain (after subtracting the loss carryover) is $200,000. The 0% rate does not reduce your capital gain, it just reduces the tax on the gain. But this is all just terminology. As I said, the bottom-line result of your calculation seems to be correct.
