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
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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.
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