Friday, December 09, 2022 11:49:24 AM
“If you have a long-term capital gain – meaning you held the asset for more than a year – you'll owe either 0 percent, 15 percent or 20 percent in the 2022 or 2023 tax year”.
Do you see that?
There are 3 different long term capital gain tax brackets, 0%, 15% and 20%.
Which one you’re in depends on your INCOME, NOT INCLUDING money made by trading stocks. EARNED INCOME.
Please read. And google it. Every GOOGLE ANSWER SAYS THE SAME TIME.
“The capital gains tax rate that applies to profits from the sale of stocks, mutual funds or other capital assets held for more than one year (i.e., for long-term capital gains) is either 0%, 15% or 20%. However, which one of those long-term capital gains rates applies to you DEPENDS ON YOUR TAXABLE INCOME. The higher your income, the higher the rate”.
https://www.kiplinger.com/taxes/capital-gains-tax/602224/capital-gains-tax-rates
Thanks.
I don’t know how many times I have to explain this, GOOGLE IT, go to the IRS WEBSITE, I am in the 0% LONG TERM CAPITAL GAIN TAX BRACKET because I have earned income of less than $41,675.00.
It doesn’t get any easier to understand. You are either in the 0%, 15% or 20% LTCG TAX Bracket DEPENDING ON YOUR ANNUAL EARNED INCOME.
Short Term Capital Gains tax is “taxed as ordinary income tax rates”, BUT IS NOT, and I repeat, is not considered part of YOUR EARNED INCOME.
Earned income comes from your job and taxable dividends and interest.
Keep reading, you’ll eventually get it.
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