You just sold your comic book collection that you had worked on for the past ten years for a capital gain of $7,500.Assuming you are in the 15 percent marginal tax bracket,how much federal income tax will be due on this gain?

Question

Quizplus · Accepted Answer

Long-term capital gains (assets held for more than a year) for individuals in the 15% tax bracket are taxed at 0%. Since the question implies the collection was built over ten years, the gain qualifies as long-term, resulting in no federal income tax due on the gain.

You Just Sold Your Comic Book Collection That You Had