Replies to post #51665 on Viva Entertainment Group Inc (OTTV)

[ctbone72]

Incorrect. You will pay the taxes when you file at the end of the year based on that years income, which would include the $500k

[PennyLearning]

I asked my accountant recently regarding capital gains tax: here was his response.

Capital gains held under 1 year are taxed at ordinary tax rates and are not subject to preferential tax treatment. The rates vary between 10% - 39.6%. You would most likely fall between 25% - 33% tax rate.

Capital gains held for longer than 1 year will be taxed at 15% which is the best outcome. If you and your spouse make less than $37,950 in 2017, the Long Term capital gains tax rate will be 0%.