The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: gift of stock||Date: 2/6/2000 4:39 PM|
|Author: timm||Number: 27485 of 119695|
The gain is added to your other income. Should your income prior to the gain result in you being in the 15% bracket the gain, assuming it is longterm, is taxed at 15%.
If your income exclusive of the gain is in the 28% bracket then the gain would be taxed at 20%
I don't understand now, because I asked this question a week or so ago and received a different answer.
In your first paragaph, I believe that it should be 10% at the end, not 15%.
Also, don't you mean "inclusive" of the gain?
I have almost zero income for the current tax year, which would put me in the lowest tax bracket. I have some large long-term capital gains. My question was "Do these gains count as income to establish the tax bracket in which I would fall for determining the tax on the capital gains?"
And the answer I received was "Yes", but the answer above seems to say "No".
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