My ordinary taxable income is 25000.00. My gain on a long term capital gains sale of property will be about 20000.00. Though I do not have a capital gains tax will that amount be added to my ordinary taxable income?
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Your long term capital gains received capital gains treatment and will not be taxed as ordinary income.
The tax is figured on the capital gains worksheet. I'm not sure I understand your question or if this answers it.
https://apps.irs.gov/app/vita/content/globalmedia/capital_gain_tax_worksheet_1040i.pdf
Your long term capital gains received capital gains treatment and will not be taxed as ordinary income.
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