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I want to confirm something I just read in a January 2008

article from Bankrate.com on capital...
I want to confirm something I just read in a January 2008 article from Bankrate.com on capital gains taxes. The article stated that no capital gains would be due on long-term assets sold during 2008 if a married couple had less than $65,100 in taxable income. Is this true and if so are there more in qualifications than the taxable income limit? I can e-mail the article if you would like to read it.
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Answered in 10 minutes by:
7/4/2008
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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That is true. As long as the married couples(filing a joint return) have less than $65,100 in taxable income in 2008 they are taxed at 15%. and In 2008 the tax rate on eligible dividends and long term capital gains is 0% for those in the 10% and 15% income tax brackets.

Hence you will not owe any long term capital gains tax if you are in the 10 or 15% tax bracket.

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

 

 

 

RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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