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Christopher Phelps
Christopher Phelps, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2710
Experience:  CPA, CFP, PFS, Tax Practitioner 21 Years, Member AICPA/CSCPA Tax/Financial Planning Committee Member
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Capital Gains Tax

Customer Question

What would be the Capital Gains Tax on stock I have held for 25 years. MY income source is only Social Security.
Submitted: 11 years ago.
Category: Tax
Expert:  Christopher Phelps replied 11 years ago.

Gain on the sale of a capital asset (i.e. your stock) which you have held for more then one year willbe treated as long-term capital gain. Thus, such gain will be taxed at a maximum Federal tax rate of 15%. However, if the gain would otherwise be taxed in the 10% or 15% brackets, it will instead be taxed at a rate of 5%.


If your only income source is social security, it is likely most if not all of your gain will be taxed at 5%. However, to be sure I would need more information to do a calculation.


I would need to know your filing status (i.e. single, MFJ, etc.) the amount of any other taxable income you have, social security amount, whether you itemize or take the standard deduction, whether you are age 65 or older. Also, what state you are in would be helpful.


Because it is impossible for me to identify and consider ALL the relevant facts, this advice is not intended or written to be used for the purpose of avoiding penalties, and cannot be used for that purpose.

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