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Indiana | Here is an example that gets to the point of my question.
Long term CG. $750,000. I think this would be taxed first at 15% on amt over 94k and 20% thereafter
Farming Inc. $200,000. This is added to LTCG amount and you last dollar would be taxed in $950k tax bracket at ordinary income tax
So your LTCG moves ur ordinary income up by $750k and puts ur ordinary income in a higher tax bracket.
So if u had a LTCG of $750,000 would ur ordinary income would be taxed at 37%.
Is this true? This is my question. | |
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Fetv question from the other day…for the financial guys. Just reposting
