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Florida has no state income tax, which means there is also no capital gains tax at the state level. If you earn money from investments, you’ll still be subject to the federal capital gains tax.
For assets held for more than a year, the long-term capital gains tax rate for tax year 2024 ranges from 0% to 28%, depending on your filing status, income and asset type, and few people qualify ...
From 1998 through 2017, tax law keyed the tax rate for long-term capital gains to the taxpayer's tax bracket for ordinary income, and set forth a lower rate for the capital gains. (Short-term capital gains have been taxed at the same rate as ordinary income for this entire period.) [ 16 ] This approach was dropped by the Tax Cuts and Jobs Act ...
Long-term capital gains tax rates for the 2024 tax year — by filing status. Single. 0% rate: ... Just eight states have no income tax – Alaska, Florida, Nevada, South Dakota, Tennessee, Texas ...
Federal Tax Rates for Long-Term Capital Gains. Rate. Single. Married Filing Jointly. Married Filing Separately. Head of Household. 0%. $0 – $40,400. $0 – $80,800
You’ll pay a capital gains tax on sales of investments in your tax-deferred account, such as a 401(k) and IRA, after age 59 ½. This is often a better option since most people are in a lower tax ...
In years when you have more capital losses than capital gains, you can use up to $3,000 of the difference to offset your capital gain. If your losses exceed $3,000, you can carry the remainder ...
For comparison, here are the long-term capital gains tax rates for 2022: ... Meanwhile, our income tax calculator can give you a fuller picture of your tax situation in a given year.