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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1376
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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I sold my invested property and had a capital gain of 48800.00

Customer Question

I sold my invested property and had a capital gain of 48800.00 it is advised that I Wont get Small business deduction on capital gain since
Property business is not an active business , However 50 % deduction on Capital gain. What will be the thr tax rate I will have to be paid
Submitted: 2 years ago.
Category: Tax
Expert:  Jax Tax replied 2 years ago.

Jax Tax : I understand where the 50% deduction is coming from and it is available.to all individuals.other than corporation and applies.when short term capital losses exceed long term capital gains. In that case 50% of the excess short term loss can be used against long term capital gain. Do you have short term capital loss? If so, you can take 50% of the amount that is in excess against long term capital gain.
Jax Tax : You tax rate depends on your total income but is 10 or 20 percent.for 2011 long term capital gains. The chart here has all income and capital tax brackets http://www.bargaineering.com/articles/2011-long-term-capital-gains-tax-rates.html
Expert:  Jax Tax replied 2 years ago.
Please let me know if I can be of further assistance.

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