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You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly.
State and local taxes often apply to capital gains. In a state whose tax is stated as a percentage of the federal tax liability, the percentage is easy to calculate. Some states structure their taxes differently. In this case, the treatment of long-term and short-term gains does not necessarily correspond to the federal treatment. Capital gains ...
The method of determining the rate varies widely, but may be constrained under laws of particular states. Property tax is likely the first or second highest tax burden on a capital-intensive business so hundreds of thousands of dollars may be at stake. [21] In some jurisdictions, property is taxed based on its classification.
School and other authorities are often separately governed, and impose separate taxes. Property tax is generally imposed only on realty, though some jurisdictions tax some forms of business property. Property tax rules and rates vary widely with annual median rates ranging from 0.2% to 1.9% of a property's value depending on the state. [9]
As an example, if you purchased a vintage dining set in 2010 for $500 and sold it in 2024 for $2,500, you have a capital gain of $2,000. If you and your spouse file together and earned a total of ...
The federal government taxes long-term capital gains at the rates of 0%, 15% and 20%, depending on filing status and income. … Continue reading → The post 2021 Capital Gains Tax Rates by State ...
The federal government taxes long-term capital gains at the rates of 0%, 15% and 20%, depending on filing status and income. … Continue reading → The post 2022 Capital Gains Tax Rates by State ...
Capital gains taxes were abolished in Kenya in 1985 to spur growth in the securities and property market. The Kenyan Parliament passed a motion in August 2014 to reintroduce capital gains tax in January 2015 [45] and "is expected to increase the cost of land transaction as investors pass on the cost to buyers. The tax will also affect those ...