Capital Gains on Investment Property
In 2015, my wife and I sold an investment property that we purchased several years ago. This property has never been rented and we have never used it as our permanent residence.
If our joint Taxable Income is a little over $60,000 (which puts us in the 15% tax bracket), and the net profit due to the sale is approximately $14,000, does the 0%/15%/20% Capital Gains Calculation table apply to our sale, thereby resulting in us owing no capital gains?
Also, if the above does apply, what form is it reported on and is there a worksheet that pertains to it.