Quote:
Originally Posted by rjm1cc
The rate varies and depends on your income. You can even end up with an extra 3.8% tax if your income is high enough. Could also push you into the Alternate Income Tax. Then if you are on Social Security your medical insurance costs could also increase. Thus if you have a large capital gain you are thinking of taking be sure you understand your tax obligations. Fortunately most of us will not have this problem.
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As other have said, consult a CPA.
The post quoted, is very relevant. I recently sold some property, including a personal residence and trust me, the supposed 15% Long Term Capital Gains Tax (under $492,301) turned out to be way closer to 20%, plus a major increase in Medicare costs.