Taxing Capital Gains Flashcards
1
Q
Max capital gains rate via
A
1h
2
Q
taxing inceom is broken down into two categories
A
- Calculate tax on ordinary income
2. Calculate tax on Net capital gains
3
Q
different types of NCG are taxed at
A
different rates
4
Q
LTCG- collectibles rate
A
28% via 1h 4 and 5
5
Q
collectibles defined in
A
408, alcohol, art. etc
6
Q
most LTCG is taxed at
A
20% is max rate
7
Q
20% rate includes
A
gain sale of home, qualified dividends
8
Q
however not all taxpayers pay 20% on LTCG depends on
A
marginal rate , some pay less
9
Q
for exam know top rate pays
A
20%
