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The below would apply to the sale of personal assets (nonbusiness assets) that have been held for more than one year and then sold at a gain. Currently net capital gain is generally taxed at rates no higher than 15%, although, for 2008 through 2010, some or all of the net long term capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates
For the sale of personal assets nonbusiness asset at this time of the year July 8 2010 as long as your TAXABLE INCOME stays below the limited amount for your filing status $32,550 if single or married filing separately;
$65,100 if married filing jointly or qualifying widow or widower; or $43,650 if head of household.
The LTCG tax rate will be -0- ZERO above the limited amount the LTCG rate would be taxed at the maximum amount of 15%.
There are three exceptions to above information.
1 The taxable part of a gain from selling Section 1202 qualified small business stock is taxed at a maximum 28% rate.
2 Net capital gain from selling collectibles (such as coins or art) is taxed at a maximum 28% rate.
3 The part of any net capital gain from selling Section 1250 real property that is required to be recaptured in excess of straight-line depreciation is taxed at a maximum 25% rate.
Go to the IRS gov web site and use the search box for Topic 409 - Capital Gains and Losses
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