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States that do not tax income (Alaska, Florida, Nevada, South Dakota, Texas, and Wyoming) do not tax capital gains either, nor do two (New Hampshire and Tennessee) that do or did tax only income from dividends and interest. Washington state does not collect income taxes but has passed a CG tax as an excise (rather than income or property) tax. [17]
For real property exchanges under Section 1031, any property that is considered "real property" under the law of the state where the property is located will be considered "like-kind" so long as both the old and the new property are held by the owner for investment, or for active use in a trade or business, or for the production of income.
You’re not eligible for the $250,000-per-person home sale profit exclusion, and in addition to paying capital gains tax you also face a depreciation recapture tax of 25%.
The tax rates vary depending on your income level and tax bracket. It’s important to remember that this ordinary income tax rate applies to most passive income streams, but there are exceptions ...
A like-kind exchange can involve the exchange of one business for another business, one real estate investment property for another real estate investment property, livestock for qualifying livestock, and exchanges of other qualifying assets. Like-kind exchanges have been characterized as tax breaks or "tax loopholes". [1]
5. Select an Investment Property. Selecting the right investment property requires looking at a number of factors like the neighborhood, home value, continuing costs and demand for rental units ...
Here’s how to prep your investment tax documents and the key things about your tax forms. What investment tax documents do you need? If you have a brokerage account, you’ll likely need to have ...
Tax may be deferred if the seller of an asset puts the funds into the purchase of a "like-kind" asset. In the U.S., this is called a 1031 exchange and is now generally available only for business-related real estate and tangible property. Tax may be deferred if the capital gain income is reinvested into certain geographic areas.