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chipfedd
New Member

I have no taxable income. I'm on disability. My only income is the sale of a second home. My profits are greater than 1 million. What is my capital gains tax rate?

 
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1 Reply
DawnC
Expert Alumni

I have no taxable income. I'm on disability. My only income is the sale of a second home. My profits are greater than 1 million. What is my capital gains tax rate?

Depends on the holding period.   Held for more than a year, it is long-term (20%).   Held for less than a year, short-term, taxed at ordinary income rates (37%).  

 

 

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