Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
Hi, my name is ***** ***** I can help. If you are filing a married filing joint tax return and your AGI is $74,900 for 2015 you will fall in the 15% tax bracket for ordinary income tax. In addition, a 0% tax rate applies to qualifying dividends and long-term capital gains for people that fall in the 15% or 10% ordinary tax brackets.
The information you were told is correct, as you as your filing status is married filing joint and the gain is a long-term one. To be considered long-term, the investment must be owned for more than one year.
I hope this answers your question. Please let me know if I can clarify anything or answer any additional questions.