FIREHAPPY
Dryer sheet aficionado
Just reviewing the new 2018 tax law related to capital gains. For kicks, let's assume:
2018 Wages and Interest: $125,000
Property and State tax deduction: ($10,000)
Advised Donor Contribution: ($40,000)
Taxable wages: $75,000 MFJ
It looks like the capital gains rate is 0% for wages less than $77,200 for MFJ.
If I keep my total taxable income less than $77,200, can I sell out of my taxable investment accounts with sizable long term gains to another investment vehicle & avoid the 15% capital gains tax altogether? Is there a limit on the amount of gain allowed at 0% tax? Would appreciate comments.
2018 Wages and Interest: $125,000
Property and State tax deduction: ($10,000)
Advised Donor Contribution: ($40,000)
Taxable wages: $75,000 MFJ
It looks like the capital gains rate is 0% for wages less than $77,200 for MFJ.
If I keep my total taxable income less than $77,200, can I sell out of my taxable investment accounts with sizable long term gains to another investment vehicle & avoid the 15% capital gains tax altogether? Is there a limit on the amount of gain allowed at 0% tax? Would appreciate comments.