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Capital gains tax calculation is simpler than it used to be because the tax brackets have been clarified. Also, there are online tools you can use to help determine the amount of the expected tax.
Many websites now offer easy to use capital gains calculators. The calculators require you to input the purchase price, sale price, tax bracket and state tax rate. Once all of the information is gathered, you will receive an estimated tax due on your capital gains.
Have all your paperwork in front of you when you begin working with the calculator. Some of the items you will need are:
Final closing statement
Tax returns for previous years
Year end paystub
Appraisal of property
All stock and bond information, including a summary of performance
The tax structure of capital gains is no longer difficult to figure out. Anyone with an internet connection can now calculate their own tax rates easily.
Many websites now offer easy to use capital gains calculators. The calculators require you to input the purchase price, sale price, tax bracket and state tax rate. Once all of the information is gathered, you will receive an estimated tax due on your capital gains.
Have all your paperwork in front of you when you begin working with the calculator. Some of the items you will need are:
Final closing statement
Tax returns for previous years
Year end paystub
Appraisal of property
All stock and bond information, including a summary of performance
The tax structure of capital gains is no longer difficult to figure out. Anyone with an internet connection can now calculate their own tax rates easily.
