Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 17 years ago,

User Stats

4
Posts
0
Votes
Roger C
  • Phoenix, AZ
0
Votes |
4
Posts

Capital Gains tax rate

Roger C
  • Phoenix, AZ
Posted

I'm a bit confused about how capital gains are taxed. I sold a parcel of vacant land in 2007 and I'm now calculating the gains, which are around $12,000.

I was under the impression the gains are taxed at a lower rate than my regular income tax. However, when I completed the Form 1040 Schedule D it told me to enter the total gains (basically the 1099-S Gross Proceeds minus my costs of selling the land) on my Form 1040. The 1040 adds the gains into my regular income and it all gets taxed at the same tax rate (32%).

Am I doing this correctly?

Loading replies...