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Long Term Capital Gain TAx. Profit arising from holding shares and securities more than one year can get exemption on LTCG tax. for reference see Capital Gain Tax
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If you sell a stock exactly one year later is that a long term capital gain?
Has to held MORE than one year to be a LTCG. One year or less the sale would be a short term gain.
Long term capital gain-one year?
If you hold the asset for MORE than one year before you dispose of it, and you have a gain on the sale your capital gain would be a LONG TERM CAPITAL GAIN (LTCG)
What is Net Long-term Capital Gains?
If your gross sales price is more than your adjusted cost basis of the capital asset you would have a gain on the sale of a capital asset. If you owned the asset for more than one year and it is sold at a gain then you would have LTCG. (long term capital gain)
If you paid 100k for a house and going to sale it for 400k do you pay capital gains on 50k of the profit or the 250k exemption does apply for anything over that amount?
When you are a single taxpayer and you meet the 2 out of 5 year rule for the 250000 exclusion on the sale of your main home (primary residence)If your adjusted cost basis is 100k and your net long term capital gain is 300000 then you have a 50000 LTCG that would be subject to the -0- to 15% maximum LTCG tax rate using the schedule D of the 1040 tax form and the worksheet that is in the schedule D instruction book on page 10.Go to the IRS gov web site and use the search box for SCHEDULE D choose instruction Use the search box for PUBLICATION Publication 523 (2009), Selling Your Home
How much is the Tax amount on a reportable capital gain of 33200.00?
You will not know this until you have completed your income tax return correctly. For the tax year 2009 long term capital gains on the sale of securities, stocks and bond that are reported on the schedule D of the 1040 tax form by a individual taxpayer is taxed at the -0-% to 15% maximum LTCG rate.
If Sold land to payoff home capital gains tax?
Yes when you a gain on the sale of a asset you will have to report the sale on your 1040 income tax return and could owe some income after your 1040 income tax return is completed correctly for the year of the sale. At the present time the long term capital gains tax rate on the sale of personal asset (nonbusiness asset) is from the -0- % rate to the maximum 15% rate on the amount of LTCG.
What percent does a 86 year old pay on capitol gains when they sell they're home?
You are using the word THEY and the word HOME in the above question. If you are married filing jointly and this has been your main home (primary residence) for 2 out of the last 5 years on the date of the sale of your main home you would qualify for the 500000 exclusion amount of the LTCG free of income tax. Any LTCG gain amount above the 500000 would be taxed at 0% to maximum 15% rate for the tax year 2010 if the tax law does not change before the end of the year. You would use the schedule D of the 1040 tax form for the sale of your main home (primary residence) personal asset that you have used for 2 out of the last 5 years ON THE DATE OF THE SALE. A single taxpayer would be allowed an exclusion amount of 250000 if the single taxpayer meets the 2 out of 5 year rule for the year 2010. It should be noted that different countries have different legislation for taxes. You would have to check the regulations of the particular country you are in
How to calculate capital gain tax?
If this is a business asset then you will have to use the 1040 tax form 4797 to report the transaction on. You will use the information that is on the 1099-B to report the transaction on your 1040 tax form. If this is personal property (non-business) and you have owned it for more than one year and it is sold at a gain. You will have a long term capital gain (LTCG) that will be taxed at the 0% to 15% maximum capital gain tax rate. The transaction will be reported on the schedule D of the 1040 tax form. When you complete the schedule D all the way through line by line the LTCG will be taxed at the 0% to 15% maximum capital gain rate. You will have to complete the schedule D worksheet on page 10 of the schedule D instruction book all the way through line 36 as that will be where the tax numbers will come from to go on line 44 of your tax return. For forms and instruction go to IRS gov website and use the search box for schedule D and you will find the instructions and form that you would use for this purpose.
Could are a higher rate tax payer who owns a second home put the house into his wifes name to avoid 28 percent CTG?
NO that would not do the job. At this time of the year July 21, 2010 the maximum long term capital tax rate on the sale of a personal asset (second home) owned MORE than one year would be 20% LTCG rate unless the rules change before the end of the year 2010.
Do you pay capital gains if you sell your personal house and buy a less expensive one?
Yes it is possible that you would have to pay some capital gains tax on the sale of your main home (personal residence) if you meet the 2 out of 5 year rule for the exclusion amounts of 250000 for a single taxpayer or 500000 for married filing joint income tax returns. Any amount of the qualified long term capital gain on the sale of your qualified personal residence above (over) the qualified exclusion amount would be subject to the LTCG tax rate using the schedule D of the 1040 tax form.
What are the current long term capital rates?
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 ratesFor 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
Long term capital gain on sale of property?
Personal property asset the below information would apply. For business property asset different rules WILL apply. At this time for the tax year 2010 July 17 2010 10:59 AM the below would apply to the sale of a personal asset. The transaction will be reported on the schedule D of the 1040 tax form. When you complete the schedule D all the way through line by line the LTCG will be taxed at the 0% to 15% maximum capital gain rate. You will have to complete the schedule D worksheet on page 10 of the schedule D instruction book all the way through line 36 as that will be where the tax numbers will come from to go on line 44 of your tax return. For forms and instruction go to the IRS gov web site and use the search box for schedule D For 2009, long-term capital gains and qualified dividends are taxed at 0% for individuals in the 15% tax bracket above the 15% marginal tax rate the maximum long term capital gain tax rate of 15% will apply.
