Capital Gains Rate On Investment Property In 2008
Q: I am a bit confused about what my capital gains rate would be in 2008 for the following situation.
1. selling a rental condo that I have owned since 1981. 2. I make between 60K to 100K.. 3. making between 100k to 200K in gains.
I have heard about a 0% capital gain rate in 2008...but will this apply to this situation?
A: -The 0% rate applies to capital gains (and qualified dividends) that would otherwise be in the 10% or 15% brackets. If your taxable income less these items is enough to put you above the 15% bracket, then this 0% rate would not apply. -What is the 15% bracket- is that based on my taxable income...and thus found in the tax tables...where do I find out what the 15% bracket is? .