Capital gain taxes

[Rickey]

I am going to have along term capital gain of $47,000 this year

My taxible income is $24,000

filing jointly

As I understand it.I should be taxed at 0%on the capital gain is that correct?

Thanks, Rick

[rjs]

If you have long-term capital gain of $47,000, the total of all your other income is $24,000, and you are filing as married filing jointly, then yes, the tax rate on the long-term capital gain will be 0%.

The taxable income that is used to determine the rate on long-term capital gain includes the capital gain. Taxable income is on Form 1040 line 15.

[ColeenD3]

Yes. Please see the Capital Gains Tax Tables. This LINK also has a calculator that you can use.