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levr, Tax Advisor
Category: Capital Gains and Losses
Satisfied Customers: 29574
Experience:  Working for a large tax preparation service
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Long term capital gains tax rate . Is it really zero

Customer Question

long term capital gains tax rate for 2015. Is it really zero %?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Customer: replied 1 year ago.
We had some "income" from an eminent domain 'taking' - we did not want to sell, but now show $33,000 income. My CPA sister-in-law said tax would be zero this year only.
Expert:  levr replied 1 year ago.
Yes - the tax rate on long term capital gain is zero IF that income otherwise woudl be taxed at 15% or less.But if that income otherwise woudl be taxed at 25% or more - the tax rate is 15%.If you provide you taxable income and filing status - I will estimate your tax rate and tax liability.
Expert:  levr replied 1 year ago.
I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you will all tax related issues.