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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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What percent of the sale of property is subject to capital

Customer Question

What percent of the sale of property is subject to capital gains tax?
Is my regular income counted when computing the amount of capital gains tax?
Submitted: 9 months ago.
Category: Capital Gains and Losses
Expert:  Stephen G. replied 9 months ago.

As far as your questions are concerned we need some additional information.

The capital gains tax rate is based upon what the total of your other income is.

So if you give us an estimate of that, that's one factor.

Also, is this real estate and separate & apart from your primary residence?

Is this rental property or a second home or ?

What state are you a resident of & is the property in the state or another state & if so what state?

What is your filing status? Single or Married filing a Joint Return or what?

Do you itemize deduction or will you likely take the standard deduction, if you know?

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