State income tax forms
Losses are still non-deductible. state income tax forms Tax-lien-certificates. Instead, the new law provides for the exclusion from gain from income up to $250,000 per person ($500,000 for taxpayers filing jointly) on the sale of a principal residence. There is no minimum age requirement to take advantage of the new law. There are some requirements which the taxpayer needs to meet in order to benefit from this law: The exclusion can only be used once every two years and the house must have been used as a principal residence for atleast 2 of the 5 years before the sale. state income tax forms Illinois-tax-forms. Neither spouse must be ineligible for the exclusion because of the once-every-two year limit. Both spouses must have used the house as a principal residence for at least two of the previous five years. CAPITAL GAINS CHANGESThe changes to the capital gains laws are somewhat more complex than the rules of selling a principal residence. state income tax forms Tax tips. It is no longer a question of whether the sale produces a short-term or long-term gain. Now there is a mid-term gain, as well asdifferent rates for assets purchased after the year 2000. A short-term gain is still a gain on the sale of a capital asset which was owned for less than a year. The tax on such a gain is at ordinary income tax rates. The mid-term gain is one in which a capital asset is held between one year and eighteen months and is sold for a gain. The rate is taxed at a maximum of 28%. A long-term gain is one in which a capital asset is owned for a period longer than eighteen months and sold for a gain. These gains are taxed at a maximum rate of 20%. If you were to buy a capital asset after the year 2000 and hold it for at least five years, the tax rate would be 18%. In addition, if you are in the 15% tax bracket, your long-term capital gain rate will only be 10%.
State income tax forms
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