How much are capital gains tax?

Question

I like in morgantown,wv 26505, any way to look that up?

Answer 1

There are some exceptions but in most case the Federal capital gain tax is 15 percent.  I believe that WV treats the gain as ordinary income.

Answer 2

For federal tax, search irs.gov for "capital gains" and see instructions for Schedule D.  It depends what the capital gain is for (home, stocks, dividends, etc.).  There is an exclusion for a significant amount capital gains on a home you lived in for at least 2 of past 5 years.

For your state tax look around http://www.state.wv.us/Taxdiv/

Note that if you sold property in a different state than you live in, the state of the property will want their cut (non-resident return) and your state should give you credit for that against tax for the gain that you would owe in your state.

Answer 3

0, 5 or 15 percent for stocks, depending on your total taxable income.  For other types of capital gains like collectibles, rates are different.  Where you live doesn't matter for federal - the above info is federal.  Your state most likely collects tax also on capital gains - in most states, it's taxed the same as other income.