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capital gains taxes, California?
I can't seem to find tax tables for California 2013, only articles about the top capital gains rate going up. So, if anybody knows;
Lets say a person has $60,000 in net taxable income and lives in CA. They sell a Commercial real estate investment property for 500k. They have a cost basis of 250k so a net long term capital gain of 250k.
What will the state & fed capital gains come to at that income level?
Thanks in advance.
It's long term gains, and the end of 2012 was 7 months ago.
3 Answers
- UrsugardaddyLv 78 years ago
Short-term capital gains are proceeds from the sale of assets you have held for one year or less. If you have had the assets for more than one year, the proceeds are long-term capital gains.Short-term capital gains are taxed as ordinary income, regardless of your tax bracket, in California. If you are in the 10 percent or 15 percent tax bracket, individual capital gains tax will be zero until the end of 2012, when it will increase to at least 15 percent. If you are in the 25, 28, 33, or 35 percent tax bracket, tax on long-term capital gains is 15 percent. Capital gains are profits on investments, including collectibles. Real estate that isn't your primary residence is included, but if you sell your primary residence, you may be able to deduct some of the gain. Check with your tax adviser in California or the IRS for the latest rules.
Take Care
- troLv 78 years ago
you calculate your 1040 including the cap gains, this will forward to your 540
Calif. treats any cap gain as ordinary income regardless of the time of owership
