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Is this correct?

Yep. Pretty much.

Keep in mind the 0% rate applies only to the extent that the capital gain would have been taxed at 15% or less. Once the capital gain pushes you through the 15% bracket into the 25% bracket, the amount in the 25% bracket is taxed at 15%.

So your $1 million long term capital gain is not going to be tax free just because you don't have any other income. (But some part of it would be!)

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