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Updated over 4 years ago,

User Stats

45
Posts
22
Votes
Jason Allen
  • Investor
  • Sharpsville, PA
22
Votes |
45
Posts

2020 capital gains questions

Jason Allen
  • Investor
  • Sharpsville, PA
Posted

I bought a place three years ago and I’m thinking about selling it for a capital gain around 20 K my gross annual income adjusted is $50-$60,000. I am trying to figure out capital gains tax and what I don’t know is if the capital gains is added on to the rest of my income.

After expenses I will also show a profit from my other rental properties of around $15,000.

And I am considering selling another property that will give me a net capital gains of around $60,000 and want to know if I should push the sale of this property off on the 2021 so that it does not affect the capital gains rate on my other property?

Summary file married jointly

W-2 income of around 50–60 K 

Rental income around 15 K

Capital gains on property a 20 K

Capital gains on property be 60 K

I have the availability to put a lot into my 401(k) if I need to lower my income or into IRAs in order to lower my income up to the limits if necessary to avoid paying undue taxes.

What would you do?

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