I have an asset I've held less than a year. I plan to sell in November/December. My wife and I usually fall in the 12% bracket after deductions (always has been standard deduction).
What can I add up to calculate our AGI - then add my capital gains- then subtract my standard deduction- to see if we are still under or near the 80K (roughly) 12% limit.
Do I add up our total income before taxes then subtract what we've paid- do i subtract health insurance and other deductions from our pay?
The reason I want to see how close.. Next year our income will less (child coming) and my 40K profit from my asset will probably still keep us under the limit.
I am trying to get my asset sold but also trying to minimize my tax (12 vs 22)