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I want to sell stock which will give me a term capital gain.

Customer Question
I want to sell...

I want to sell stock which will give me a long term capital gain. The difference between the cost basis and the sale is $131, 200. Is this the amount that would be listed on line 13 of the 1040 tax return or would it be 15% of that amount.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Not at this time. I really want to see if it is better to sell in 2017 or to wait till next year to sell. My adjusted gross income last year was 156,427 which included 17,000 in interest and dividends, 5661 in capital gains, 126,000 in retirement income and 6600 in gambling winnings.

Submitted: 2 months ago.Category: Tax
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12/27/2017
Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,844
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Your gain, $131,200, is the amount that is listed on Line 13 of Form 1040.

The TAX RATE is 15% for long term capital gain in 2017 and 2018. There is no advantage to sell in either year.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 1 month ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to help you.

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Barbara
Barbara, Enrolled Agent
Category: Tax
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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