Long term capital gains are taxed at different rated depending on taxpayer's income:
0% for taxpayers who are in the 10%-15% tax bracket.
15% for taxpayers in the 25%-35% tax bracket.
20% for taxpayers in the 39.6%.
Beginning in 2013, capital gains income is subject to an additional 3.8% Medicare tax for single filers making more than $200,000, or married couples filing jointly who make more than $250,000.
Keep in mind that the sale of a personal residence is excluded from capital gains up to a $500,000 gain for a married couple.
Speak with your tax accountant for specific details regarding capital gains.
Visit my website at www.RealEstateonMarco.com for information on homes for sale on Marco Island.
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