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As long as you lived in the property as your primary residence for 24 months within the five years before the home’s sale, you can qualify for the capital gains tax exemption.
The 15% tax rate was extended through 2010 as a result of the Tax Increase Prevention and Reconciliation Act of 2005, then through 2012. The American Taxpayer Relief Act of 2012 made qualified dividends a permanent part of the tax code but added a 20% rate on income in the new, highest tax bracket.
2022 Long-Term Capital Gains Rates Capital Gains Tax Rate Taxable Income (Single) Taxable Income (Married filing Separately) Taxable Income (Head of Household) Taxable Income (Married Filing ...
Composition of state and local tax revenues by sales taxes (brown), property taxes (white), licenses and other fees (grey), individual and corporate income taxes (green) in 2007. Determining the value of property is a critical aspect of property taxation, as such value determines the amount of tax due. Various techniques may be used to ...
Washington has a 6.5% statewide sales tax. [209] Local rates vary based on an individual's location at the point of purchase and can total up to 3.1% for a combined rate of 9.6%. [209] In addition, due to the large number of Native American reservations located within the state, sales-tax rates, if any, can vary based on state treaties with ...
Under Section 1031 of the United States Internal Revenue Code (26 U.S.C. § 1031), a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange.
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