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Mark sold his primary residence for $201225 after owning it for seven years. His profit on the sale was $25900. The long-term capital gains tax
Mark sold his primary residence for $201225 after owning it for seven years. His profit on the sale was $25900. 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 Mark is in the 35 percent tax bracket, how much tax will he owe on the listed transactions?
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