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The federal government uses the capital gains tax for general federal purposes. It is not designated for any specific purpose. Revenues from the tax can be used for anything from soldiers' salaries to interest on the national debt and millions of other expenditures.
State and local income taxes are used according to state and local law.
What else can I help you with?
Can you avoid capitals gain tax if you sell a house to pay for your study abroad?
Education loans are there to support a performing student, do you need to sell a house for it??
If you sell stock do you owe tax on the capital gain of the stock or entire principle amount?
You only owe tax on the capital gain.
What were all the names of the capitals of Texas that used to be capitals of Texas?
the capital of Texas is Austin
Who can tell me what is inheritance tax?
Inheritance tax is the tax that you have to pay if you gain some kind of income through an inheritance fund. It is like adding to the income you gain through inheritance.
What is Form 409 of Tax?
FOrm 409 of tax is related to Capital gain and losses.
How do you compute capital gains tax?
To compute capital gains tax, subtract the original purchase price of an asset from the selling price to determine the capital gain. Then, apply the capital gains tax rate to the gain to calculate the tax owed.
What is LTCG?
Long Term Capital Gain TAx. Profit arising from holding shares and securities more than one year can get exemption on LTCG tax. for reference see Capital Gain Tax
Do you pay capital gain tax on stocks in loss?
You would NOT have a capital gain tax to pay when you have a loss on the sale of stock. You WILL HAVE to report the transaction on the schedule D of the 1040 tax form and up to 3000 of loss for the year will be used to offset up to 3000 of ordinary income for the year any amount of the remaining loss will then be carried over to the next years until the loss is completely used up.
Does precious metal miners pay capital gain tax?
They would have to pay ordinary income tax on gains from mining. This would not qualify as a capital gain.
How do you calculate capital gains tax on investments?
To calculate capital gains tax on investments, subtract the purchase price of the investment from the selling price to determine the capital gain. Then, apply the capital gains tax rate to the gain to determine the tax owed.
How is capital gain calculated for investments?
Capital gain for investments is calculated by subtracting the purchase price of an investment from the selling price. The resulting difference is the capital gain. This gain is then subject to capital gains tax based on the holding period and tax rate.
Rate of short-term capital gain tax?
Normal income tax rates for your state
