Excel Spreadsheet for Calculating Capital Gains Tax with Income

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Excel Spreadsheet for Calculating Capital Gains Tax with Income

Caleb Fillip
Member since 2019 · 2 posts · 0 votes

Does anyone have an excel spreadsheet with formulas that calculate federal capital gains tax based on assumptions for capital gains AND income?

I can calculate capital gains in a vacuum assuming $0 of ordinary income, but layering on income gets very tricky.

Bonus points if anyone has a spreadsheet for calculating capital gains tax with income that ALSO includes the net investment income tax . . .

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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
3y

If you use an accountant, you can provide him your scenario "I am selling Property ABC for $300,000, can you estimate my tax burden from the sale".

If you use a software like turbotax, there should be an area to create an estimate / what if scenario for 2023.

I personally don't think there is an excel formula out there and there are likely other scenario's you haven't thought about.
A) If you are talking about a rental property sale, you have to factor in depreciation recapture which can be taxed at a maximum of 25%
B) If you have suspended passive losses, the losses can potentially offset income at your highest tax bracket
C) If you are a resident of a state with an income tax or have the property in a state with an income tax, you have to calculate state taxe

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    3y

    If you use an accountant, you can provide him your scenario "I am selling Property ABC for $300,000, can you estimate my tax burden from the sale".

    If you use a software like turbotax, there should be an area to create an estimate / what if scenario for 2023.

    I personally don't think there is an excel formula out there and there are likely other scenario's you haven't thought about.
    A) If you are talking about a rental property sale, you have to factor in depreciation recapture which can be taxed at a maximum of 25%
    B) If you have suspended passive losses, the losses can potentially offset income at your highest tax bracket
    C) If you are a resident of a state with an income tax or have the property in a state with an income tax, you have to calculate state taxe

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
    View Page
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  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    3y
    Quote from @Caleb Fillip:

    Does anyone have an excel spreadsheet with formulas that calculate federal capital gains tax based on assumptions for capital gains AND income?

    I can calculate capital gains in a vacuum assuming $0 of ordinary income, but layering on income gets very tricky.

    Bonus points if anyone has a spreadsheet for calculating capital gains tax with income that ALSO includes the net investment income tax . . .


     this is actually very easy as thinking the ballpark of capital gain, is for ordinary people is always always between 30-33%. There's IRS publication worksheet that you could punch in your number, and has scenario as well.  You dont even need excel sheet.

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  • Eric Williams
    Accountant · Houston, TX · Member since 2023 · 148 posts · 41 votes
    3y
    Quote from @Caleb Fillip:

    Does anyone have an excel spreadsheet with formulas that calculate federal capital gains tax based on assumptions for capital gains AND income?

    I can calculate capital gains in a vacuum assuming $0 of ordinary income, but layering on income gets very tricky.

    Bonus points if anyone has a spreadsheet for calculating capital gains tax with income that ALSO includes the net investment income tax . . .


     Federal Income Tax Spreadsheet Form 1040 (Excel Spreadsheet) Income Tax Calculator (google.com)

    See if this helps.

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  • Natalie KolodijBusiness Member
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    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    2y

    If you work with an accountant they can provide a very accurate projection for you. 

    It can be a little bit of a circular calculation because of how the brackets work. 

    Also if it's from selling REI any passive carryover losses you have can offset the gain as well.

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