In what situation the Long-Term Capital gain can be taxed at Standard Tax Rate but not at 15% Rate?
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The net capital gain tax rate is capped at 20% with the following exceptions:
The net capital gain tax rate is capped at 20% with the following exceptions:
Note that you also may be subject to the Net Investment Income Tax (NIIT) which adds 3.8%.
See https://www.irs.gov/newsroom/questions-and-answers-on-the-net-investment-income-tax
Thanks, thank you CHAMP for confirming that!
How do I enter "Long Term 28% Sales"
When you are entering the details of the transaction, there is a place to put a checkmark that the investment was a collectible in the desktop software. In the Online software, you an choose 'Collectible' from the Sales Type dropdown box.
I am assuming you have a collectible, but if it is small business stock (that also get a 28% tax rate), see the notes below.
To enter any investment sale, use this link.
Qualified Small Business ("QSB") stock describes a few specific stock types that come with special tax benefits. There are stringent criteria around what qualifies as QSB. TurboTax has your back in calculating the special exclusions and treatment related to QSB stock. If you have QSB stock (or think you might), please be sure to do the following:
- Enter each sale one at a time (do not choose to input a sales summary)
- On the follow up screen title "Select any less common adjustments that apply", select the option to indicate this sale is eligible for special treatment because it's from qualified small business stock.
- After selecting qualified small business stock, just answer the follow up questions to determine whether this sale qualifies as QSB stock eligible for special tax treatment.
If you have further questions on QSB stock please refer to the Schedule D instructions: Schedule D
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