In 2022, Jenny can deduct $3,000 as a capital loss carryforward from the previous year, reducing her long-term capital gain to $15,000. She will be taxed on the remaining $15,000 at the 0%, 15%, or 20% rate, depending on her income level.
The gain or loss resulting from the sale of an eligible investment that was held for more than a year at the time of sale is referred to as a long-term capital gain or loss. In contrast to this can be short-term gains or losses on investments that are sold off in less than a year.
In case the property is a long-term asset, LTCG tax of 20% is levied. NRIs must also make sure that taxes are deducted from gains made rather than sales proceeds.
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