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 the current year.What will their capital gains tax be in the current year?

Question

Quizplus · Accepted Answer

The net long-term capital gain is $11,000 ($28,000 gain - $17,000 loss). In the 25% tax bracket, long-term capital gains are taxed at 15%. Therefore, the tax is $11,000 * 15% = $1,650.

Robert and Becca Are in the 25 Percent Tax Bracket