New tax law rules for long term capital gains
I have a question about the taxes due when selling a piece of property (in this case, raw land). I have owned the property for more than a year, which qualifies it for long-term capital gains treatment. If I understand this properly, as long as my income (married, filing jointly) is under $77,200, my long-term capital gains rate will be 0. Is that correct? Also, does the selling price of the property count toward my income for that year? I acquired this property under a 1031 exchange back in 2006. Thank you