Robert and Becca are in the 25-percent tax bracket. They have a long-term capital gain of $28,000 and a long-term capital loss of $17,000 on sales of stock in 2014. What will their capital gains tax be in 2014?

Question

Quizplus · Accepted Answer

The net capital gain is $11,000 ($28,000 gain - $17,000 loss). The long-term capital gains tax rate for those in the 25% tax bracket is 15%. Therefore, the tax is $11,000 * 15% = $1,650.

Robert and Becca Are in the 25-Percent Tax Bracket