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What are the turm capital gains tax on properties that are…

What are the long...

What are the long turm capital gains tax on properties that are in germany?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I inherited this building lot in germany in the 60s, it was worth about 50,000.- DM at that time, I have been told that it might be worth about 1,000,000.- Euros now .

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Wondering what the tax burden on this would be, our main residence is in New Jersey.

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12/22/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,707
Experience: 15years with H & R Block. Divisional leader, Instructor
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Under the Tax Cuts and Jobs Act, long-term capital gains are still defined as gains made on assets that you held for over a year, while short-term capital gains come from assets you held for a year or less. Long-term gains are taxed at rates of 0%, 15%, or 20%, depending on your tax bracket.

The long-term capital gains tax rates of 0%, 15%, and 20% still apply, but, the way they are applied has changed . Under previous tax law, the 0% rate was applied to the two lowest tax brackets, the 15% rate was applied to the next four, and the 20% rate was applied to the top bracket. Now it it will be applied by your highest income in the bracket, for you that will be 20%

Robin D.
Robin D., Senior Tax Advisor 4
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