Long term capital gain on sale of property?

Personal property asset the below information would apply. For business property asset different rules WILL apply.

At this time for the tax year 2010 July 17 2010 10:59 AM the below would apply to the sale of a personal asset.

The transaction will be reported on the schedule D of the 1040 tax form.

When you complete the schedule D all the way through line by line the LTCG will be taxed at the 0% to 15% maximum capital gain rate. You will have to complete the schedule D worksheet on page 10 of the schedule D instruction book all the way through line 36 as that will be where the tax numbers will come from to go on line 44 of your tax return.

For forms and instruction go to the IRS gov web site and use the search box for schedule D

For 2009, long-term capital gains and qualified dividends are taxed at 0% for individuals in the 15% tax bracket above the 15% marginal tax rate the maximum long term capital gain tax rate of 15% will apply.