Lessons Learned

[Doctor Detroit]

Taxes

My understanding of current tax law is that your long-term capital gains rate is 15% unless you fall into one of the following categories:

1. Single filers with adjusted gross income of $413,201 or more
2. Head of households with adjusted gross income of $439,001 or more
3. Married joint filers with adjusted gross income of $464,851 or more

If 1 through 3 applies to you, capital gains rate is 20%.