Are my calculations correct, see the below data !
sale of a second home for $400,000 with a $150,000 cost basis (gain of $250,000). Also, net taxable ordinary income of $40,000 (married filing jointly). Using 2023 capital gain rates and ordinary income tax rates, my income tax bill would be $4,357 and my capital gain tax bill would be $24,113..................Are these calculations correct ???
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