2008 Capital Gain Income limits?

JJ · Joined: 25 Aug 2007 Posts: 29

I know for 2008 in your income is below $65,100 there is no capital gains
tax on stock sales. What defines that income? Using 2007 as an example, is
it total income, line 22 on the 2007 1040? Or is it adjusted gross income,
line 37 on the 2007 return?

Thanks!
Joe

Archived from group: us>taxes

Phil Marti · Joined: 25 Aug 2007 Posts: 2520

"JJ" wrote:

>I know for 2008 in your income is below $65,100 there is no capital gains
>tax on stock sales. What defines that income? Using 2007 as an example,
>is it total income, line 22 on the 2007 1040? Or is it adjusted gross
>income, line 37 on the 2007 return?

Let's see what Carole has behind Door Number 3. Aha! "Taxable income"
(line 43 of the 1040).

Note: I haven't verified your $65,100 figure. It's different for each
filing status. See the Tax Rate Schedules. You want the top of the 15%
bracket.

--
Phil Marti
Clarksburg, MD