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Jonathan Tierney
Jonathan Tierney, Certified Public Accountant
Category: Capital Gains and Losses
Satisfied Customers: 322
Experience:  Tax Accountant at Praxair, Inc.
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It was indicated that if I had a capital gain on stock

Customer Question

it was indicated that if I had a capital gain on stock market investment, that I would not have to pay income tax on that gain, if my adjusted gross income was less than 75000 dollars in same year as gain made
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Jonathan Tierney replied 1 year ago.

Hi, my name is ***** ***** I can help. If you are filing a married filing joint tax return and your AGI is $74,900 for 2015 you will fall in the 15% tax bracket for ordinary income tax. In addition, a 0% tax rate applies to qualifying dividends and long-term capital gains for people that fall in the 15% or 10% ordinary tax brackets.

The information you were told is correct, as you as your filing status is married filing joint and the gain is a long-term one. To be considered long-term, the investment must be owned for more than one year.

I hope this answers your question. Please let me know if I can clarify anything or answer any additional questions.

Thanks, Jonathan

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