Capital Gains/Dep Recapture If Not Above 2nd Tax Bracket
Hi all. So after looking through pages of previous posts/replies, I did not find a topic that covers my exact question so I'm submitting this one.
Can someone please clarify how capital gains and depreciation recapture are taxed when selling a long term investment if for example:
- There is $60K worth of depreciation
- There is $15K worth of gains on top of depreciation
- Taxable income for us, a married couple, is $50K
Thank you all in advance,
Payman