ILLMAS Posted April 12, 2017 Report Posted April 12, 2017 Can someone double check these figures for me: Single TP Capital gain only in 2016 Cost $500 purchased on 01/01/04 Sold $25,000 on 07/01/16 Long Term $6,300 stardard deduction $4,050 Exemption AGI $24,500 ATX is not calculating capital gains on the $24,500, anyone? Thanks Quote
MN dhawk Posted April 12, 2017 Report Posted April 12, 2017 Seems right. The capital gains rate in the zero & 15% brackets is zero. 2 Quote
jklcpa Posted April 12, 2017 Report Posted April 12, 2017 It's OK. For taxpayers in the 10 and 15% brackets, the capital gain tax rate is -0-. 2 Quote
NECPA in NEBRASKA Posted April 12, 2017 Report Posted April 12, 2017 That is what I get, also. It's correct, because the tax rate is so low. Quote
ILLMAS Posted April 12, 2017 Author Report Posted April 12, 2017 in my head I was thinking it should be a straight 15% tax rate on the $24,500. Sorry friends. Quote
Margaret CPA in OH Posted April 12, 2017 Report Posted April 12, 2017 At this time, our heads are not solely reliable at times. At least mine isn't, which is why it is good to check with the other heads on this great board! 5 Quote
Tax Prep by Deb Posted April 13, 2017 Report Posted April 13, 2017 4 hours ago, Margaret CPA in OH said: At this time, our heads are not solely reliable at times. At least mine isn't, which is why it is good to check with the other heads on this great board! All I can say is Amen! After a day like today, Tuesday can't get here fast enough! 4 Quote
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