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Question

How do I qalify for 0 capital gains

Forum|Forum|3 years ago
January 23, 2023
1 reply
0 views

I have 10,000 capital gains on inherited property but am low income. How do I qualify for ) rate capital gains

TurboTax Self Employed Online

Employee

Just so you know the cost basis of the inherited property is its value at the time of death so if sold soon after that time there would be no gain. But to answer your question the program will calculate the capital gains tax accordingly.

choirblonde58Author

I did not sell right away and I made $10,000, however I am in low income bracket and they are not calculating me at 0 rate for capital gain. So, how do I do that?

Employee

Remember that the capital gains is added to your AGI. Did that put you into a higher tax bracket? Look at the capital gains worksheet to see how the tax is calculated. TurboTax does this accurately.