Selling business equipment.
If there is a long term capital gain on the sale of equipment (because the depreciated value is less than sale price of the equipment) ...what is the capital gains tax payable?
I heard it was ZERO % for folks in the 10% and 15% tax brackets for 2013.
Does one have to add the gains from the sale of equip to one's other income in 2013 to determine if one is in the 10% or 15% tax bracket for 2013?
If one has to add, then one could now be bumped into a higher tax bracket and have to pay a higher capital gains tax rate. Correct?
Please correct me.