I believe Congress capped the long term capital gains tax @ 28% through 2010 depending on what you are selling. Certain types of assets are taxed differently. I assume you have held since bankruptcy and not prior, so if you decide to sell on or before December 31st 2009 you will be taxed according to how much taxable income how report on your 1040. Most people will pay 15%. The most important factor though is your income tax bracket. The higher your income tax bracket, the more you're going to pay in capital gains tax. As a general rule, you pay capital gains tax at the same rate as income tax for all short-term investments. So if you're in the 10 percent income tax bracket, you'll pay 10 percent for all short-term capital gains. And if you're in the 35 percent income tax bracket, you'll pay 35 percent for all short-term capital gains.
Starting in 2008 and through 2010 taxpayers in the 15 percent income tax bracket or lower will pay 5 percent on long-term capital gains. Everyone else will pay a flat rate of 15 percent. Starting in the 2008 tax year, long-term rates are dropping to zero percent for taxpayers in the 15 percent income tax bracket or lower.
There are some exceptions for long-term capital gains rates. The long-term rate for collectibles is currently a flat 28 percent across all tax brackets. That's the same for small business stock held for more than five years. For real estate sales, the long-term capital gains tax is either 5 percent or 15 percent after any primary residence exclusions.
"I don't know if this helps or adds to the confusion".
