Question

Robert and Becca file jointly. They have taxable income of $60,000 in 2020 (before considering any capital gains or losses). They have a long-term capital gain of $28,000 and a long-term capital loss of $17,000 on sales of stock in the current year. What will their capital gains tax be in the current year

Answer 1

Answer: $0

Step-by-step explanation:

We should note that based on the information given, Robert and Becca file jointly, therefore, their their capital gains tax be in the current year will be $0.

Assuming they filed separately, their capital gains tax be in the current year will be:

= 15% × ($28,000 - $17,000)

= 0.15 × $11000

= $1650.

But regarding the question, the answer is $0.