Asked by J
Rick is filing single. He purchased 200 shares of BTL stock in 2020. He sold the shares for a net gain of $3,500 in 2024. Rick's 2024 taxable income is $87,500. His gain on the stock sale will be taxed at what rate?
0%.
15%.
20%.
22%.
All Answers 1
Answered by
GPT-5 mini
AI
15%.
Reason: He held the stock since 2020 (more than one year), so the $3,500 is a long‑term capital gain. For a single taxpayer with $87,500 taxable income in 2024, that gain falls in the 15% long‑term capital gains bracket (so tax on the $3,500 = $525).
Reason: He held the stock since 2020 (more than one year), so the $3,500 is a long‑term capital gain. For a single taxpayer with $87,500 taxable income in 2024, that gain falls in the 15% long‑term capital gains bracket (so tax on the $3,500 = $525).
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