$60.00 
Learn more
Submitted By: Howie
Answered: June 17, 2011 12:00 am
Answered: June 17, 2011 12:00 am
Is there any special tax break on capital gains for seniors?
No. Seniors are treated like other taxpayers. If they are in the 10% or 15% tax bracket, they pay no tax on long-term capital gains. This rule applies this year and next year.
It is worth noting that Rep. Marco Rubio (R-FL) has introduced legislation that would require the IRS to create a special tax return, Form 1040SR, for seniors. This form would simplify reporting Social Security benefits and pension distributions for seniors.
Follow:
Ask JK
Advanced- For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?
- Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.
- I sold my residence at a loss. How do I report this on my tax return?
- We had a cleaning service clean our home because my wife could not because of her medical issues and my being away on business. Can I deduct this cost?
advertisement
Featured Books
Tax Glossary
High deductible health plan (HDHP)
For 2007, a high deductible health plan is a health plan with an annual deductible that is not less than $1,100 for self-only coverage or $2,200 for family coverage, and with annual out-of-pocket expenses that do not exceed $5,600 or $11,200, respectively.
