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JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5704
Experience:  CPA with tax experience.
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MY HUSBAND AND I FALL UNDER THE 10% TAX RATE CONCERNING PAIDIING

Customer Question

MY HUSBAND AND I FALL UNDER THE 10% TAX RATE CONCERNING PAIDIING CAPTIAL GAINS TAXES WE HAVE A INVESTMENT THAT WE WILL BE CASHIING OUT THIS YEAR THAT FALLS IN LONG TERN CAN YOU TELL ME WHAT WHO BE DUE FOR LONG TERN AND SHORT TERN INVESTMENT I HAVE BEEN TOLD THAT WE WONT PAID ANY ON LONG TERN AND A SMALL AMOUNT FOR THE SHORT TERN .....THANK YOU FOR YOUR HELP.....MARDA LOGSDON
Submitted: 3 years ago.
Category: Tax
Expert:  Richard replied 3 years ago.

Good morning. If you are in the 10% marginal income tax rate, you will pay no capital gains tax on the sale of your investment. No worries.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

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If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 3 years ago.
PLEASE GIVE ME THE AMOUNT ON SHORT TERM AND ALSO WHAT THIS IS BASE ON ANDTHE TAX CODE WHERE YOU MADE THE DECIDED IS IT #550 AGAIN THANKS FOR YOUR HELP...MARDA
Expert:  Richard replied 3 years ago.

In 2008 a change occured for those in the 10% or 15% tax bracket. To qualify for this capital gains tax break your income must be below $32,550.00 if you are filing single and less than $65,100.00 if you are married. The new tax rate will be zero for long term capital gains and short term capital gains.

Customer: replied 3 years ago.
PLEASE TELL ME IF THE TAX AMOUNT IS GROSS OR NET ALSO IF THIS IS APPLY FOR 2011 ....ALSO WHAT IRS CODE IS THIS UNDER ....
Expert:  Richard replied 3 years ago.
I'm going to opt out and let someone else help you from here. You take care.
Customer: replied 3 years ago.
THANK YOU FOR YOUR HELP....ANYWAY ....I GUESS YOU ARE ONLY ALLOW TO ANSWER BASIC QUESTION WITHOUT GIVING ANY BACK UP DATED TO THE QUESTION ....I HOPE SOMEONE CAN GET ME THE ANSWERS ....SEEING I JOIN THE SIGHT FOR THAT PURPOSE.....LOOKING FOWARD TO THE COMPLETE ANSWER......
Expert:  Richard replied 3 years ago.
You're welcome. Good luck to you.
Expert:  JKCPA replied 3 years ago.

Hello,

 

I disagree. If you have a net short term capital gain and also a net long-term capital gain, the short term capital gain would be taxed at your ordinary income tax rate of 10% while the long-term capital gain will be taxed at 0% (assuming your gains when added to your other taxable income do not put you into a greater than 15% ordinary income tax bracket).

 

From IRS Website: "If you have a net capital gain, that gain may be taxed at a lower tax rate than the ordinary income tax rates. The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than the sum of your net short-term capital loss and any long-term capital loss carried over from the previous year."

 

For the exact computation of income tax including capital gain effects, use the worsheet on page D-10 of 2009 Instruction 1040 Schedule D

 

References: IRC §1(h) and IRC §1222

 

Best regards,

 

 



Edited by JK_CPA on 1/1/2011 at 7:43 PM EST

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