First investment sale - tax question
I am about to sell a property for 275k that I initially purchased in 2016 for 194k. After fees, I should net approximately 101k. If I understand the capital gains brackets correctly I should plan for 15%. What I am confused on is, is it 15% of the entire 101k or 15% on proceeds above 80k since my wife and I file joint returns? Not sure if I should set aside 15k or 3.k. Any information is greatly appreciated!