Capital gains on investment property sold in 2008?

[pinkwoodrose]

I am selling some property that was held over 2 years and was never my primary home. I have read alot online about the 2008 capital gains tax break. Do I understand that if our married/filing jointly income fell in the 15% tax bracket, that I pay NO gains taxes on my profit??? I can't find anything in writing that says gain above my tax bracket would still be taxed. Any black and white proof of this anywhere??? Thanks
regular income, not including profit of selling the home

[v b]

Go look at 1040ES for 2008.
Look at the 25% tax bracket for MFJ. It's $60K something.

So...if your *taxable* income *before* you sell this investment property is $40K, then you've got $20K left of wiggle room for capital gains that will get taxed at 0%. If you've got capital gains that push you past the start of the 25% bracket, the rest gets taxed at 15%.

Note, this does not cover gain from depreciation.

The sample worksheet is in IRS publication 505.