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From lower federal rates to the cap on state and local property tax deductions, there is much at stake. ... $10,000 in state and local income or sales and property taxes, letting the cap expire ...
(The Center Square) – A general income tax in Washington state appears to be off the table for now, even as voters retained the state’s capital gains tax by failing to pass Initiative 2109 on ...
States that do not tax income (Alaska, Florida, Nevada, South Dakota, Texas, and Wyoming) do not tax capital gains either, nor do two (New Hampshire and Tennessee) that do or did tax only income from dividends and interest. Washington state does not collect income taxes but has passed a CG tax as an excise (rather than income or property) tax. [17]
The group of bipartisan lawmakers are looking to abolish the cap on the amount people can declare on state and local tax deductions. (Photo by Matt McClain/The Washington Post via Getty Images)
The general partner is the financial entity used to control and manage the fund, while the limited partners are the individual investors who receive their return as capital interest. [1] Private equity funds and hedge funds are private investment vehicles used to pool investment capital, usually for a small group of large institutional or ...
Internal Revenue Code § 212 (26 U.S.C. § 212) provides a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities. Taxpayers are allowed to deduct all the ordinary and necessary expenses paid or incurred during the taxable year-- (1) for the production or collection of income;
The IRS allows you to deduct from your taxable income a capital loss, for example, from a stock or other investment that has lost money. Here are the ground rules: An investment loss has to be ...
The remainder of any gain realized is considered long-term capital gain, provided the property was held over a year, and is taxed at a maximum rate of 15% for 2010-2012, and 20% for 2013 and thereafter. If Section 1245 or Section 1250 property is held one year or less, any gain on its sale or exchange is taxed as ordinary income.