rmbfin
Level 1
03-04-2024
01:39 PM
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Hello, I have a taxpayer whose only income is 23,000 in social security. He files married filing separately. He sold a rental property in 2023 and had a long term capital gain of 175,000. It appears it would not be taxed as his normal income falls under the threshold of 44,625. So is this gain tax free from taxes altogether? Thanks unusal situation.