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CA tax all income at ordinary rates. In other words capital gains are just part of total income. I need 2017 reftable to calculate $530,000 longterm capital gain profit.

Where can I access a 2017 reference table to access information on the IRS site regarding a tax bracket to calculate proceeds received from the sell of a home (longterm capital gains)?  Are gross proceeds taxed after the $250,000 exclusion is applied to capital gains for singles? Or before?
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1 Reply
DMarkM1
Expert Alumni

CA tax all income at ordinary rates. In other words capital gains are just part of total income. I need 2017 reftable to calculate $530,000 longterm capital gain profit.

Yes the home sale exclusion is applied before tax is calculated.  It it excluded from taxable capital gains.  Here is a link to the tax brackets for 2017.  

 

In 2017, Capital gains tax rates for individuals were 15% for those individuals in the 25% - 35% marginal tax brackets and 20% for those individuals in the 39.6% marginal tax bracket.  Zero percent for those in 10%-15% brackets.

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