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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MoneyPenny who wrote (136997)7/28/2008 2:38:33 PM
From: GraceZRead Replies (1) of 306849
 
Depending how you manage your income this year, there is no capital gains due on adjusted incomes under $65,100 for couples and $32,550 for singles.

Looking at a 1040 form, capital gains are placed above the section that calculates your AGI in the income section of a 1040, therefore those gains become part of your adjusted gross income. So say you do manage to only make only 18,000 in wage income, then just 14,600 in cap gains would put you over that limit for a single filer and 47,200 for couples.

If you or John Q. has a work around for this, I wish you would share it with the rest of the class. I'll start filing amended returns for previous years.
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