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J
jj1952
April 14, 2020
Question

Tax on Capital Gains

  • April 14, 2020
  • 1 reply
  • 0 views

What incomes are considered when determining the tax bracket for capital gains?  Is Social Security and distributions from Annuities included?  Are there any adjustment for seniors?

1 reply

JohnB5677
JohnB5677
April 14, 2020

Capital gains are the profits from the sale of an asset.  There are two categories for Capital Gains.

  • Short Term age securities held for less than a year.
  • Long Term are held for more than a year

Short term capital gains are taxed at you current tax bracket federal tax brackets

Long Term gains can be taxed at 0%, 15% or 20%

For 2019 it is based on your total Taxable income.

  •   0%     Up to $39,375
  • 15 %    $39,376 - $434,550
  • 20%     Over $434,550
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