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Video instructions and help with filling out and completing Capital gain on inherited property
Instructions and Help about Capital gain on inherited property
Music did you know that there is a zero percent capital gains rate well I'm gonna tell you how to pay zero taxes on capital gains but first what is a capital gain well that's when you have an asset outside of retirement like a stock or mutual fund index fund even a piece of real estate you own it for a year you sell it again you you pay a special capital gains tax rate it's cheaper than the regular tax rate it's normally 15% for most people and 20% if your income is high enough there's also a 3% Medicare surtax as certain income levels but most II will pay 15% on your capital gain taxes but what about zero that's a better rate right so let's talk about how to pay zero taxes on your capital gains the first way to do it is if your income is low enough so if you're married and your taxable income is below seventy six thousand about or single below about $38,000 if you have any capital gains that make up that income guess what the federal government tax you at absolutely zero there's no tax to pay you may pay some for your state but there's nothing on the federal taxes now for some of you it's like well I make more than that what can I do so there's a strategy called tax last harvesting and this is what I want you to think about some of you know about this but I'm going to tell you how to do this better so that is when you buy an asset like a mutual fund index fund that goes down and sometimes assets do go down before they go back up so when it goes down I want you to sell that asset when it's lower not because you're happy about losing money but you sell the asset here's the key buy another asset that's similar so that you will receive the the incline when it goes back up in the meantime you've created a tax loss on your tax return let's say you bought an asset of 20,000 then it's 15,000 this last year that $5,000 last you can use that dollar-for-dollar against other capital gains and that's how you can pay zero tax on that now here's the the thing I want you to realize is your positions can go up and down throughout the year sometimes some of you look at this only in December and the market may be up at that point look at it year-round any time the market dips you want to be looking at tax less harvesting opportunities the best thing is you can net these losses against gains dollar for a dollar if you have more losses than gains IRS says you can take another thousand dollars against ordinary income like salaries and pensions and so forth and then if you still have more losses it carries over to.