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What exactly is capital gains tax and who is affected by it?
Capital gains is defined as income made from the sale of assets that were purchased at a price lower than that of the sale. Capital gains tax would be the taxes the government charges you on that income. Most capital gains taxes are the result of the sale of stocks and bonds, commodities, and real estate. A very good reference for this can be found on Wikipedia at http://en.wikipedia.org/wiki/Capital_gains_tax.
What is the nys capital gains tax 2010?
In 2010, New York State did not have a separate capital gains tax; instead, capital gains were taxed as regular income. This meant that capital gains were subject to the state's income tax rates, which ranged from 4% to 8.82% at that time, depending on the taxpayer's income level. Additionally, taxpayers had to pay federal capital gains taxes, which varied based on the duration of asset holdings. Overall, capital gains in New York were treated similar to other forms of income for tax purposes.
Do they pay income taxes in the Bahamas?
The Bahamas has absolutely no personal income tax, no corporate income tax, no capital gains tax, and no inheritance tax.
When do you pay Capital gains taxes on the sale of a business?
When you file your income tax return for the year of the sale.
What is the capital gain tax rate?
The capital gains tax rate is the tax rate applied to the profit made from the sale of an asset, such as stocks, bonds, or real estate. The rate can vary depending on the type of asset and how long it was held before being sold. In the United States, the capital gains tax rate can range from 0% to 20%, with different rates for short-term gains (assets held for one year or less) and long-term gains (assets held for more than one year).
How much is capital gains taxes on land?
In the United States, the federal long term capital gains tax is 0% or 15%, depending on your tax bracket. The short term rate is the same as for ordinary income. There are also state income taxes which vary by state.
Are capital gains taxable by New York City?
New York City taxable income is based on New York State taxable income, which taxes capital gains as ordinary income. Therefore, yes, NYC taxes capital gains.
What is the capital gains tax?
The capital gains tax rates are determined by the type of investment asset and the holding period of the asset. In additional to the federal capital gains tax rates, your capital gains will also be subject to state income taxes. Many states do not have separate capital gains tax rates. Instead, most states will tax your capital gains as ordinary income subject to the state income taxes rates.
When you sell property less than you gave do you get to take it off your income taxes?
Not from current Income. But it can setoff the Capital Gains and hence Capital gains tax.
When would you have to pay capital gains taxes on real estate at the end of the year if that is your only source of income would capital gains tax be considered your income tax?
Yes long term capital gains on the sale of real estate would be subject to your income tax return. Capital gain taxes would be a part of your income tax on your 1040 income tax return.
What is the Capital gains tax for profit from futures and options trading?
It is the same as taxes on ordinary income unless the basis and holding period qualify for treatment as long-term capital gains. Some state income taxes do no differentiate, and so it is all ordinary income.
Do people have to pay income tax on realized investments after they pay capital gains tax?
No. You will not pay income tax in addition to capital gains tax if I understand you correctly. However, capital gains tax for an individual is reported and paid on your 1040 income tax return. The only difference is that the rate for capital gains taxes is lower than the regular income tax levels.
What exactly is capital gains tax and who is affected by it?
Capital gains is defined as income made from the sale of assets that were purchased at a price lower than that of the sale. Capital gains tax would be the taxes the government charges you on that income. Most capital gains taxes are the result of the sale of stocks and bonds, commodities, and real estate. A very good reference for this can be found on Wikipedia at http://en.wikipedia.org/wiki/Capital_gains_tax.
Are capital gains taxes progressive?
Capital gains taxes are typically considered regressive rather than progressive because they are often taxed at a lower rate than ordinary income, which can benefit wealthier individuals who earn a significant portion of their income from investments.
Do they pay income taxes in the Bahamas?
The Bahamas has absolutely no personal income tax, no corporate income tax, no capital gains tax, and no inheritance tax.
When do you pay Capital gains taxes on the sale of a business?
When you file your income tax return for the year of the sale.
Do you have to pay income tax on a home equity loan?
I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.
