Hi folks.
Simple question - are taxes on capital gains tiered like they are for income? For example, let's say the cap gains rate under $70K is 0% and cap gains rate over $70K is 15%. Your capital gains for the year are your only income and total $100K.
Are the taxes due $15K ($100K * .15), or are they $4.5K ($30K * .15)?
Thanks.
Simple question - are taxes on capital gains tiered like they are for income? For example, let's say the cap gains rate under $70K is 0% and cap gains rate over $70K is 15%. Your capital gains for the year are your only income and total $100K.
Are the taxes due $15K ($100K * .15), or are they $4.5K ($30K * .15)?
Thanks.