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Morton S. Winer, CPA
9933 North Lawler Avenue, Suite 410
Skokie, IL 60077
Phone: 847-676-8900
Website: www.msw-cpa.com
The new tax law has a number of changes that affect individual and business taxpayers, but in the end, the tax treatment of investments was hardly touched.CAPITAL GAINS TAX
One big change is how the long-term capital gains tax rate is determined. Previously, this rate was based on income tax brackets. Starting in 2018, long-term capital gains – profits on the sale of assets held for more than one year – will be taxed according to taxable income levels, but at the same rates as before.
Joint tax filers with a taxable income of less than $77,200 pays 0% on realized long-term capital gains. The same couple pays 15% on long-term gains between the 0% limit and $479,000, and gains over this amount are taxed at 20%.
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