capital gains tax bracket
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Anonymous
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capital gains tax bracket

how do we verify if turbo tax put you in the correct house sale capital gains tax bracket?  I should be taxed 0% but it's coming out that I owe like $7k???

is there a way to verify what the percentage was used?

2 Replies
Anonymous
Not applicable

capital gains tax bracket

there is a worksheet in your file "qual div/cap gn" where the taxes are computed if you have long-term capital gains and/or qualifying dividends. 

 

we can't see your return so we don't know what other income you may have. 

was the property ever rented?  the depreciation is subject to recapture and you can pay up to 25% in taxes on that. 

Anonymous
Not applicable

capital gains tax bracket

ok, thanks. no it wasn't rented...just a residence that we sold.

so i'm not sure why i'm having to pay taxes on the gain when I'm under 40K and the home wasn't rented...

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