15 — Net Long-Term Capital Gain or Loss Updated for tax year 2025

What this line means

The total of all long-term capital gains and losses from lines 8a through 14. This is your net long-term result before combining it with your short-term result on line 16. Net long-term gains are taxed at preferential rates: 0% if your taxable income is below the threshold, 15% for most filers, and 20% for the highest earners.

Does this apply to you?

• You had any long-term capital transactions during the year (lines 8a through 14)
• This line is a calculation: add lines 8a through 14 together
• Everyone who files Schedule D completes this line

Easy to overlook

The 0% long-term capital gains bracket is real and usable If your total taxable income (including the gain) stays below $48,350 for single filers or $96,700 for married filing jointly in 2025, long-term capital gains are taxed at 0%. ¹ The 15% rate applies up to $533,400 single / $600,050 MFJ, and the 20% rate applies above those thresholds. Retirees and low-income years are prime opportunities to realize gains completely tax-free. [SOURCE: General filing pattern — long-term capital gains rate brackets]

Net Investment Income Tax adds 3.8% on top If your modified AGI exceeds $200,000 (single) or $250,000 (married filing jointly), you pay an additional 3.8% Net Investment Income Tax on your long-term capital gains. This brings the effective top rate to 23.8%, not 20%. The NIIT is reported on Form 8960, not on Schedule D. ² [SOURCE: IRS Schedule D instructions — Line 15]

Watch out for this

Assuming all long-term gains are taxed at 15%. The rate depends on your total taxable income, not just the gain amount. A large long-term gain can push you from the 15% bracket into the 20% bracket. Additionally, the 3.8% NIIT applies above the AGI threshold, which many filers discover only after filing.

Related lines on your return

• Line 7 — Schedule D — Net short-term capital gain or loss (the short-term counterpart)
• Line 16 — Schedule D — Combines this line with line 7
• Form 8960 — Net Investment Income Tax (the additional 3.8% tax on investment income)