Solved: 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?
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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
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Level 15

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?

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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1 Reply
Level 15

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?

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%.


View solution in original post

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