Mathematics, 27.02.2021 20:10 kathrynsalomon
Michael sold his primary residence for $199225 after owning it for seven years. His profit on the sale was $24900. The long-term capital gains tax rate is 0 percent for those in the 10 or 12 percent tax brackets, 20 percent for those with taxable income over $434550 (single), and 15 percent for everyone else. If Michael is in the 35 percent tax bracket, how much tax will he owe on the listed transactions?
Answers: 3
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Michael sold his primary residence for $199225 after owning it for seven years. His profit on the sa...
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