Capital gains tax question

[jdreagan15]

My husband and I are selling our primary residence of 13 months. We are not selling because of employment change or any other 'good reason'. We bought our home for $93000 and have sold for $129,900- roughly a $30,000 gain. We are married and together make less than $75,000 (15& tax bracket). Can someone explain whether or not we will have to pay a capital gains tax, and if so, how much it would roughly be? I have done research but have gotten mixed information. 

[TomYoung · Accepted solution]

If your taxable income, including the capital gain, does not exceed the top dollar amount of the 15% tax bracket - $75,900 in 2017 for MFJ - your capital gains will be taxed at 0%.  If your taxable income including the capital gain exceeds the $75,900 limit then the "excess" capital gain over the limit will be taxed at 15%.

Tom Young

[SweetieJean]

State taxes may be different.

[epastel]

How does this change with the new tax code? I made $38,400 gross last year, this year i am looking at about the same income with a possible capital gain of $21,600 for a tenant buyout. Would that be taxed at 22% because it crosses the $38,700 threshold?