> Discuss Your Legal Issue > Ask a Lawyer > Taxation > Capital gains tax rate for high gain/ low income

Capital gains tax rate for high gain/ low income

1 Answers. Asked on May 25th, 2016 on Taxation - Georgia
More details to this question:
Some of the capital gains tax proposals have a zero rate of capital gains tax for low income. If I take no salary for a year but then have a $5M capital gain event would this mean that no capital gains tax would be due? Or would the IRS factor treat the capital gain as part of income for the purpose of determining the capital gain tax rate?
Answers Showing 1 out of 1
Answered on Jun 10th, 2016 at 11:15 AM

The capital gain is part of your income, and so if you have enough capital gain for that year, you'll still be in the higher capital gain rate bracket even if you have no other taxable income.

This answer is being provided as general information and not as legal advice. No attorney-client relationship is created by this answer.

Report Abuse
When should you hire taxation lawyers? Tax attorneys can assist individuals and businesses in a number of situations. Start-up businesses should talk to a tax lawyer to understand the tax implication of various business structures. Companies should also seek legal counsel on issues related to payroll taxes, sales taxes, use taxes and international tax issues. Individuals and couples can benefit from a tax lawyer's advice when engaged in estate planning, if you may have committed tax fraud, or if you're facing an Internal Revenue Service (IRS) or state tax audit.
Have an Taxation Question?
It’s Free & Easy.
Ask a Lawyer
Top Contributing Lawyers
Mark Tischhauser, Esq.

Attorney - Florida

314 Answers, 19 Legal Topics

Patrick Johnson

Attorney - Tennessee

238 Answers, 44 Legal Topics

Michael D. Siegel

Attorney - New York

150 Answers, 26 Legal Topics

Michael E. Fiffik

Attorney - Pennsylvania

126 Answers, 21 Legal Topics

Bruce Robins

Attorney - New York

100 Answers, 8 Legal Topics

Lori Nevias

Attorney - New York

93 Answers, 31 Legal Topics

R. Sam Price

Attorney - California

93 Answers, 13 Legal Topics

Taxation Local Law Firms  
In United States change location
Please select state Update
Do It Yourself Legal Forms

Popular Forums