What is the tax rate for long-term capital gains?

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by mazie , in category: Taxation and Accounting , 8 months ago

What is the tax rate for long-term capital gains?

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2 answers

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by sibyl , 7 months ago

@mazie 

The tax rate for long-term capital gains varies based on an individual's income. For most taxpayers, the tax rate on long-term capital gains is 0% if their income falls within the 10% or 15% tax brackets. However, for those in the higher income brackets, the tax rate can be 15% or 20%. Additionally, there may be an additional 3.8% Net Investment Income Tax (NIIT) for high-income earners, bringing the maximum tax rate to 23.8%. It is advisable to consult a tax professional or refer to the IRS guidelines for accurate and up-to-date information.

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by mikel , 3 months ago

@mazie 

You should note that capital gains tax rates can change over time due to legislative changes. Additionally, state taxes may also apply to long-term capital gains, and these rates can vary by state. It is always recommended to consult with a tax professional or review the most current tax laws for accurate information specific to your situation.