topic Capital Gains Tax in Investors & landlords

Capital Gains Tax

Ruby14 — Mon, 23 Feb 2026 10:32:14 GMT

We sold some land in 2022 and had a Capital Gain on Long Term Asset. We are both retired and live on Social Security so are income is low. Is the Capital Gains tax figured on Total Income, Adjusted Gross Income or Taxable Income?

Thanks

Re: Capital Gains Tax

Bsch4477 — Sun, 22 Jan 2023 04:55:13 GMT

Taxable income determines your long term capital gains tax rate.

Re: Capital Gains Tax

Ruby14 — Sun, 22 Jan 2023 05:12:58 GMT

Our taxable income (line 15) shows 66,999 and we file Married Jointly. My understanding is the threshold for this married filing jointly is 83,350 which would be 0 tax rate. Why did Turbo Tax calculate a tax owed on this capital gain?

Re: Capital Gains Tax

Hal_Al — Sun, 22 Jan 2023 13:31:23 GMT

Review the Qualified Dividends and Capital Gains worksheet for the calculations.

Re: Capital Gains Tax

Ruby14 — Sun, 22 Jan 2023 14:08:25 GMT

I want to thank everyone for their help!

Re: Capital Gains Tax

TomD8 — Sun, 22 Jan 2023 16:17:32 GMT

Remember that "taxable income" includes the capital gain itself.

Re: Capital Gains Tax

Ruby14 — Tue, 24 Jan 2023 22:32:02 GMT

Yes it has answered my questions regarding Capital Gains.

Thank You!