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Pasig, officially the City of Pasig (Filipino: Lungsod ng Pasig), is a highly urbanized city in the National Capital Region of the Philippines. According to the 2020 census, it has a population of 803,159 people. [3] It is located along the eastern border of Metro Manila with Rizal province, the city shares its name with the Pasig River.
Furniture Capital of the Philippines The city is known for its furniture shows and furniture manufacturing industry. [55] Manila: n/a: Metro Manila: Pearl of the Orient See also: Nicknames of Manila: Marawi: Lanao del Sur: Bangsamoro: Islamic City Due to its Muslim-majority population and historic roots with Islam.
In addition, each city is classified into six income brackets according to income in a four-year period. For instance, 1st class cities have an income of ₱ 400 million or more, while 6th class cities earn less than ₱ 80 million in a four-year period.
It is the fifth wealthiest city in the Philippines, behind Pasig, the capital Manila, Makati, and Quezon City, respectively. [124] Taguig is Metro Manila's third top revenue earner in 2023, with ₱13.54 billion in locally sourced revenues, following Makati at second place with ₱19.36 billion, and Quezon City at first place with ₱27.41 billion.
Say, for example, that you and your spouse file jointly and earned $150,000 in 2023. During this period, you also sold a rental property and have a long-term capital gain of $50,000.
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Capital Gains Are Taxed on a Stepped-Up Basis When you inherit property, whether real estate, securities or almost anything else, the IRS applies what is known as a stepped-up basis to that asset.
The capital gains tax rates are highly advantageous. In fact, a married couple filing jointly has a 0 percent capital gains tax rate if their taxable income is up to $89,250 in 2024 .