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Yes and no.
You have to report the capital gain, if it was more than $12,000* (a single person's filing threshold). If the gain was less than $50,700, and is a long term gain, you will not pay any tax as long term capital gains (LTCG) are taxed at 0% for people in the lower tax brackets.
* The numbers are different for people who can be claimed as a dependent by someone else. The filing threshold is $1050 and tax will be due on a LTGC greater than $39,750.
Those numbers assume you have no other reportable income.
You pay 15% on $49,300.
TurboTax will show the tax calculations on the "Qualified Dividends and Capital gains worksheet"
Yes and no.
You have to report the capital gain, if it was more than $12,000* (a single person's filing threshold). If the gain was less than $50,700, and is a long term gain, you will not pay any tax as long term capital gains (LTCG) are taxed at 0% for people in the lower tax brackets.
* The numbers are different for people who can be claimed as a dependent by someone else. The filing threshold is $1050 and tax will be due on a LTGC greater than $39,750.
Those numbers assume you have no other reportable income.
Thank you for you respond.
Unfortunately I have to pay the tax on long term gain.
Let's say I have $100,000 in long term gain.
Do I pay 15% on the $100K or $49,300 ($100,000 - $50,700)?
You pay 15% on $49,300.
TurboTax will show the tax calculations on the "Qualified Dividends and Capital gains worksheet"
Thank you!
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