We have a client that insists that if his regular income is $74,900 for year 2015 and he has a long term capital gain (from a home sale) of $200,000.00 that his capital gains tax rate would be zero. He says that we need to look it up in the master tax book and that is what the language says. Do you have a copy of the master tax guide that would show this wording and is the client correct? We don’t believe he is.
Thank you