JR,
Thank you for your follow-up question.
For $55,000 gain less the standard deduction $15,750 = $34,250.
You will have an additional standard deduction for being 65 or older (single filer) of $2,000.
(Note: There is also a "bonus" deduction for seniors in 2025 (through 2028), up to an additional $6,000, for single filers with a Modified Adjusted Gross Income (MAGI) of $75,000 or less. In your case, with only $55,000 in capital gains, your MAGI would be below this threshold, making you eligible for the full $6,000 deduction, bringing your total standard deduction to $15,750 + $2,000 + $6,000 = $23,750).
55,000 - 23750 = 31250 which is below the $48,350 max for the 0% bracket. You would have an estimated 17,100 more in long term gains before moving up to the 15% tax bracket.
Please check the tax calculators as we get closer to the end of the year. Even though the recent tax legislation has passed the IRS is still in the process of codifying it.
