How much is the capital gains tax on a stock I have owned for over a year? Is there a state tax on that as well?
2006-11-09 17:22:58 · 2 answers · asked by allcharm97 2 in Business & Finance ➔ Taxes ➔ United States
Most investors, which generally means folks in the higher income ranges, now find their capital gains taxed at 15 percent. Taxpayers in lower income brackets pay only 5 percent on most investment earnings.
These lower rates are scheduled to end on Dec. 31, 2008
Im assuming you live in a state with income tax? Yes, capital gains are taxable at the state level also.
2006-11-09 18:06:27 · answer #1 · answered by tma 6 · 3⤊ 0⤋
I basically agree with the first response - the only thing I would add is that most (if not all) states do not have different tax rates for different classes of income. The one exception to that rule that comes to mind is Massachusettes.
2006-11-10 00:56:58 · answer #2 · answered by jinenglish68 5 · 1⤊ 0⤋