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Chad CFP ®
Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Capital Gains and Losses
Satisfied Customers: 630
Experience:  Managing Director
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Regarding capital gains. I anticipate a gain of 1 million

Customer Question

Regarding capital gains.
I anticipate a gain of 1 million plus after basis.
What would my tax obligation be?
Submitted: 2 months ago.
Category: Capital Gains and Losses
Expert:  Chad CFP ® replied 2 months ago.

Hello, My name is***** am a Certified Financial Planning ® Professional. I am also registered with the IRS and have obtained a valid Preparer Tax Identification Number.

Your tax obligation would depend in part on your filing status and Adjusted Gross income.

Long-Term Capital Gains --2017

For taxpayers in the 10% or 15% tax bracket--0% Capital Gains Rate

For taxpayers in 25%, 28%, 33%, 35% tax brackets--15% Capital Gains Rate

For taxpayers in 39.6% tax bracket--20% Capital Gains Rate

Expert:  Chad CFP ® replied 2 months ago.

You may also be subject to Net Investment income tax 3.8% and 0.9% medicaid

Expert:  Chad CFP ® replied 2 months ago.

In general, investment income includes, but is not limited to: ***** ***** capital gains, rental and royalty income, non-qualified annuities, income from businesses involved in trading of financial instruments or commodities and businesses that are passive activities to the taxpayer (within the meaning of section 469). To calculate your Net Investment Income, your investment income is reduced by certain expenses properly allocated to the income

Expert:  Chad CFP ® replied 2 months ago.

For more information about how you may be affected by Net Investment Income I have provided a popular link to the IRS Q & A below.

https://www.irs.gov/uac/newsroom/net-investment-income-tax-faqs

Expert:  Chad CFP ® replied 2 months ago.

If you do have further questions or needs further clarification please let me know and I would be happy to extend my answer.

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Regards,

Chad CFP ® professional

Expert:  Chad CFP ® replied 2 months ago.

Hello,

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I look forward to working with you in the future and I hope you feel that I provided you with 5 Star services

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Chad CFP ® professional