What is the name of your state? NJ
I have a home in NJ that I bought for $62,000 in 2009 and that I will sell for $200,000. It is not my primary residence. $138,000 is the difference between my basis and the proposed sale amount.
What is my capital gains tax if I sell the home in NJ for $200,000?
I have $0 taxable income other than this capital gain.
Trulia.com has a capital gains tax calculator that states that my capital gains tax is $8,700 (0% on the first $80,000 and 15% on the next $58,000).
I do not know where Trulia is getting these figures from. 15% does not appear to be the federal or NJ state capital gains tax rates.
According to XXX.com, there is a 10.75% NJ state rate and a 35.75% combined federal / local / state rate. If that is the case, my capital gains tax should be $49,335. Is this figure correct?
I have a home in NJ that I bought for $62,000 in 2009 and that I will sell for $200,000. It is not my primary residence. $138,000 is the difference between my basis and the proposed sale amount.
What is my capital gains tax if I sell the home in NJ for $200,000?
I have $0 taxable income other than this capital gain.
Trulia.com has a capital gains tax calculator that states that my capital gains tax is $8,700 (0% on the first $80,000 and 15% on the next $58,000).
I do not know where Trulia is getting these figures from. 15% does not appear to be the federal or NJ state capital gains tax rates.
According to XXX.com, there is a 10.75% NJ state rate and a 35.75% combined federal / local / state rate. If that is the case, my capital gains tax should be $49,335. Is this figure correct?