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How Will My State Apply Capital Gains Rates?

Example:

A two wage-earner married couple  with  two kids have  total salaries of $115,000 and itemized deductions of $35,100.  Total ordinary taxable income is $63,900.

In addition, they have LTCG of $12,000 generated from sales of stock.  The first $11,000 of LTCG ($74,900, the max 15% bracket income  less $63,900) will be taxed at 0% with the remainder of $1,000 taxed at 15%.

Calculating capital gains can be tricky, but with the right guidance, you’ll be able to plan accordingly.

Contact your DS&J accountant to find out more about capital gains today.

 
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