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What will my capital gains tax liability be on a long term holding sale that nets $400,000. We live in Florida and our taxable income was 24,000 for 2018?
For tax year 2019
Here are the long term capital gains tax rates:
Tax rate Single Joint Head of household
0% $0 to $38,600 $0-$77,200 $0-$51,700
15% $38,601-$425,800 $77,201-$479,000 $51,701-$452,400
20% $425,801 and up $479,001 and up $452,401 and up
Some of the gain would be taxed at 0% but the majority of it would be taxed at 15%.
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