Capital gains and NIIT
I had been searching for a decent tax calculator that could handle capital gains from a house sale we hope will happen this year when I noticed the following in the "SS and Taxes" thread: https://www.olt.com/main/home/taxestimator.asp
It doesn't calculate the capital gains for me, but that's okay. I can estimate it based on expected selling prices of the house. But when I entered in a large capital gains for the calculator ($800K) with our income ($70K), the net investment tax (NIT) was $601. That does not appear to be even close to what it should be. Maybe my understanding of how NIT is calculated is off.
Then again, this tax calculator presented me with an AMT under this scenario, something I hadn't accounted for in my calculations.
I had been searching for a decent tax calculator that could handle capital gains from a house sale we hope will happen this year when I noticed the following in the "SS and Taxes" thread: https://www.olt.com/main/home/taxestimator.asp
It doesn't calculate the capital gains for me, but that's okay. I can estimate it based on expected selling prices of the house. But when I entered in a large capital gains for the calculator ($800K) with our income ($70K), the net investment tax (NIT) was $601. That does not appear to be even close to what it should be. Maybe my understanding of how NIT is calculated is off.
Then again, this tax calculator presented me with an AMT under this scenario, something I hadn't accounted for in my calculations.
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