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Level 1

Capital gains calculation

Hi. So, to make a house downpayment we sold about $140k of mutual fund shares. This generated about $37k of gain. Is this amount calculated as part of my overall income? If not, how do I make sure that it is taxed on lower (15% apparently) bracket. Married. Filing jointly. Total income is about $140k. Thanks a lot
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Employee Tax Expert

Capital gains calculation

The capital gains calculation for your mutual fund shares will depend on how long you held the shares. Long-term rates are 15% for most tax brackets. Short-term rates apply tax at your regular tax rate.

You can see the calculation on Schedule D Tax worksheet. You won't be able to view the schedule/worksheets until you pay for the software.

See calculator below.

http://www.moneychimp.com/features/capgain.htm

3 Replies
Highlighted
Employee Tax Expert

Capital gains calculation

The capital gains calculation for your mutual fund shares will depend on how long you held the shares. Long-term rates are 15% for most tax brackets. Short-term rates apply tax at your regular tax rate.

You can see the calculation on Schedule D Tax worksheet. You won't be able to view the schedule/worksheets until you pay for the software.

See calculator below.

http://www.moneychimp.com/features/capgain.htm

Level 1

Capital gains calculation

So, after I pay for software and before I file I can check schedule D? I am pretty sure all my shares were bought more than a year ago. I just transfered the I fo automatically from Vanguard.
Employee Tax Expert

Capital gains calculation

Yes, you will be able to print/preview/save your return before you file, after payment.