The Tax Rate
| Tax Rates for the Year 2014 | ||
|---|---|---|
| Taxable Income Married | Taxable Income Single | Long-term Gains Tax Rate |
| $0 – $18,150 | $0 – 9,075 | 0% |
| $18,150 – 73,800 | $9,075 – 36,900 | 0% |
| $73,800 – 148,850 | $36,900 – 89,350 | 15% |
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How do you calculate long-term capital gains tax?
In case of short-term capital gain, capital gain = final sale price – (the cost of acquisition + house improvement cost + transfer cost). In case of long-term capital gain, capital gain = final sale price – (transfer cost + indexed acquisition cost + indexed house improvement cost).
When did capital gains tax rates change?
Capital gains tax rates were significantly increased in the 1969 and 1976 Tax Reform Acts. In 1978, Congress eliminated the minimum tax on excluded gains and increased the exclusion to 60%, reducing the maximum rate to 28%. The 1981 tax rate reductions further reduced capital gains rates to a maximum of 20%.
What were the standard deductions for 2014?
Standard Deduction: 2014
- Married Filing Joint Return:$12,400.
- Qualifying Widow(er): $12,400.
- Head of Household: $9,100.
- Single: $6,200.
- Married Filing Separately: $6,200.
- Dependents – minimum deduction: $1,000.
How do you avoid long term capital gains tax?
Exemptions from your Gains that Save Tax Section 54F (applicable in case its a long term capital asset)
- Purchase one house within 1 year before the date of transfer or 2 years after that.
- Construct one house within 3 years after the date of transfer.
- You do not sell this house within 3 years of purchase or construction.
What is the exemption limit for long term capital gain?
Adjustment of Long-term Capital Gain (Exemption) The exemption limit is Rs. 5,00,000 for resident individual of the age of 80 years or above. The exemption limit is Rs. 3,00,000 for resident individual of the age of 60 years or above but below 80 years.
How many months are long term capital gains?
Long-term capital gains or losses apply to the sale of an investment made after owning it 12 months or longer. Long-term capital gains are often taxed at a more favorable tax rate than short-term gains.
What percentage is long-term capital gains tax?
Long-term capital gains tax is a tax on profits from the sale of an asset held for more than a year. The long-term capital gains tax rate is 0%, 15% or 20% depending on your taxable income and filing status. They are generally lower than short-term capital gains tax rates.
Which states have no capital gains tax?
The states with no additional state tax on capital gains are:
- Alaska.
- Florida.
- New Hampshire.
- Nevada.
- South Dakota.
- Tennessee.
- Texas.
- Washington.
What is the capital gain tax rate for 2021?
Long-term capital gains rates are 0%, 15% or 20%, and married couples filing together fall into the 0% bracket for 2021 with taxable income of $80,800 or less ($40,400 for single investors).
What was 2015 standard deduction?
Standard Deduction and Personal Exemption The standard deduction will increase by $100 from $6,200 to $6,300 for singles (Table 2). For married couples filing jointly, it will increase by $200 from $12,400 to $12,600. The personal exemption for 2015 be $4,000.
How much was the standard deduction in 2016?
If a taxpayer doesn’t itemize, then the basic standard deduction for 2016 depends on their filing status. If the taxpayer is: Single – $6,300. Married Filing Jointly – $12,600.