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The capital gains tax rate for long-term assets is 0%, 15%, 20%, 25% or 28%. You only pay capital gains tax if you sell an asset for more than you spent to acquire it.
[3] [4] Therefore, the top federal tax rate on long-term capital gains is 23.8%. 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.
Here are the details on capital gains rates for the 2023 and 2024 tax years. Long-term capital gains tax rates for the 2023 tax year — by filing status ... Federal and state tax laws are complex ...
The top federal long-term capital gains rate is 20%, which is lower than all but two of the seven ordinary income tax rates. The other long-term capital gains tax rates are 0% and 15%.
How To Calculate Short-Term Capital Gains. ... The 2024 long-term capital gains tax rates are as follows: Filing Status. Income Bracket. Tax Rate. Single. Up to $44,625. 0% . $44,626 to $492,300.
Short-term capital gains are taxed at your federal income tax rate. Long-term capital gains tax rates vary from 0% to 20%, depending on your income. How long does it take to get a tax refund?
The tax rate for individuals on "long-term capital gains", which are gains on assets that have been held for over one year before being sold, is lower than the ordinary income tax rate, and in some tax brackets there is no tax due on such gains. The tax rate on long-term gains was reduced in 1997 via the Taxpayer Relief Act of 1997 from 28% to ...
The AMT exemption amount for tax year 2024 increased to $85,700 and starts to phase out at $609,350, up $4,400 and $31,200 compared with tax year 2023, respectively.