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Bill
Bill, Enrolled Agent
Category: Tax
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Experience:  EA, CEBS - 35 years experience providing financial advice
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If I have $500,000 in long term capital gains, I should pay

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If I have $500,000 in long term capital gains, I should pay %15 of that as taxes. Does AMT make it more than 15%?
Submitted: 7 years ago.
Category: Tax
Expert:  Bill replied 7 years ago.
If the gains are $500,000, then depending on the amount of your other income and filing status, you could be subject to AMT. For example, if you don't have significant other income and file jointly then the additional tax (added to the capital gains tax) due to AMT could be roughly $4,000 - $5,000 (the actual amount will be based on various factors).
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