What is capital gains tax in 2010?

What is the 2010 capital gains tax on real estate in Virginia?

• Answer:

  At this time August 8 2010 for the sale of a personal asset (non-business) the below enclosed information would apply to a long term capital gain on the sale of a PERSONAL ASSET. Sale of a business asset will be different. Only the amount of long term capital gains plus your other taxable income that stay within your income limit for your filing status will qualify for the zero percent LTCG. You will use the Schedule D Tax Worksheet in the instruction book of the schedule D page 10 for this purpose. $32,550 if single or married filing separately $65,100 if married filing jointly or qualifying widow(er) or $43,650 if head of household For more information and details go to the IRS.gov web site and use the search box for 2009 Instructions for Schedule D (2009) go to page 10 for the Schedule D Tax Worksheet Currently net capital gain is generally taxed at rates no higher than 15%, although, for 2009 through 2010, some or all net capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates. There are three exceptions: Go to the IRS.gov web site and use the search box for Topic 409 Capital Gains and Losses