Federal (IRC)

The tax rate on most net capital gain is no higher than 15% for most individuals. Some or all net capital gain may be taxed at 0% if your taxable income is less than or equal to the threshold for the 0% rate. A capital gains rate of 20% applies to capital gain if your taxable income is more than the threshold set for the 15% capital gain rate.

Individuals who have for the tax year (a) MAGI that's over an applicable threshold amount, and (b) NII, must pay 3.8% of the smaller of (a) or (b) as their NIIT. The applicable threshold amount is based on your filing status. Married filing jointly or Qualifying surviving spouse is $250,000. Married filing separately is $125,000. Single or Head of household is $200,000.

Individuals who have for the tax year (a) MAGI that's over an applicable threshold amount, and (b) NII, must pay 3.8% of the smaller of (a) or (b) as their NIIT. The applicable threshold amount is based on your filing status. Married filing jointly or Qualifying surviving spouse is $250,000. Married filing separately is $125,000. Single or Head of household is $200,000.

If your capital losses exceed your capital gains, the amount of the excess loss that you can claim to lower your income is the lesser of $3,000 ($1,500 if married filing separately) or your total net loss shown on Schedule D (Form 1040).

Any excess net capital loss can be carried over to subsequent years to be deducted against capital gains and against up to $3,000 of other kinds of income per year until all of the excess net capital loss is used up.

Except as provided in subsection (b), gross income does not include interest on any State or local bond.

Except as provided in subsection (b), gross income does not include interest on any State or local bond.

Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax, except- (1) a nondiscriminatory franchise tax or another nonproperty tax instead of a franchise tax, imposed on a corporation; and (2) an estate or inheritance tax.

For purposes of this subsection, the term 'net capital gain' means net capital gain (determined without regard to this paragraph) increased by qualified dividend income.

Over $1,000,000 $345,800, plus 40 percent of the excess of such amount over $1,000,000.

For an estate of any decedent dying in calendar year 2024, the basic exclusion amount is $13,610,000 for determining the amount of the unified credit against estate tax under § 2010.

For an estate of any decedent dying in calendar year 2025, the basic exclusion amount is $13,990,000 for determining the amount of the unified credit against estate tax under § 2010.

Section 70106 of the OBBBA amends § 2010(c)(3) by increasing the basic exclusion amount to $15,000,000 for calendar year 2026.

gross income for the taxable year shall not include so much of such gain as does not exceed the aggregate amount invested by the taxpayer in a qualified opportunity fund during the 180-day period beginning on the date of such sale or exchange

(4) 100 percent exclusion for stock acquired during certain periods in 2010 and thereafter In the case of qualified small business stock acquired after the date of the enactment of the Creating Small Business Jobs Act of 2010

If a taxpayer other than a corporation has a net capital loss for any taxable year- (A) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (B) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, fringe benefits, and similar items; (2) Gross income derived from business; (3) Gains derived from dealings in property; (4) Interest;

For purposes of this section, the applicable recovery period shall be determined in accordance with the following table: In the case of: The applicable recovery period is: 3-year property 3 years 5-year property 5 years 7-year property 7 years 10-year property 10 years 15-year property 15 years 20-year property 20 years Water utility property 25 years Residential rental property 27.5 years

The portion of any unrecaptured section 1250 gain from selling section 1250 real property is taxed at a maximum 25% rate.

Limits Based on 30% of AGI: Certain capital gain property contributions to 50% limit organizations.

You can carry over any contributions you can't deduct in the current year because they exceed the limits based on your AGI. Except for qualified conservation contributions, you may be able to deduct the excess in each of the next 5 years until it is used up, but not beyond that time.

the dollar amount in effect under clause (i) shall be increased by ... the cost-of-living adjustment.

20 percent of the excess (if any) of (A) the amount which would be treated as ordinary income if such property was section 1245 property, over (B) the amount treated as ordinary income under section 1250.

3 years ... 50% 4 years ... 75% 5 years or more ... 100%

$10,000,000 reduced by the aggregate amount of eligible gain taken into account

For purposes of paragraph (1)(A), the applicable dollar limit for any taxable year with respect to eligible gain from 1 or more dispositions by a taxpayer of qualified business stock of a corporation is- (A) if such stock was acquired by the taxpayer on or before the applicable date, $10,000,000, reduced by the aggregate amount of eligible gain taken into account by the taxpayer under subsection (a) for prior taxable years and attributable to dispositions of stock issued by such corporation and acquired by the taxpayer before, on, or after the applicable date, and (B) if such stock was acquired by the taxpayer after the applicable date, $15,000,000

Subparagraphs (A) and (B) of section 1202(d)(1) are each amended by striking "$50,000,000" and inserting "$75,000,000".

Subparagraphs (A) and (B) of section 1202(d)(1) are each amended by striking "$50,000,000" and inserting "$75,000,000".

The amount of the tax imposed by subsection (a) shall be 21 percent of taxable income.

(7) Special rules for taxable years beginning after 2017 In the case of a taxable year beginning after December 31, 2017- (A) Increase in standard deduction Paragraph (2) shall be applied- (i) by substituting "$23,625" for "$4,400" in subparagraph (B), and (ii) by substituting "$15,750" for "$3,000" in subparagraph (C).

(7) Special rules for taxable years beginning after 2017 In the case of a taxable year beginning after December 31, 2017- (A) Increase in standard deduction Paragraph (2) shall be applied- (i) by substituting "$23,625" for "$4,400" in subparagraph (B), and (ii) by substituting "$15,750" for "$3,000" in subparagraph (C).

For taxable years beginning in 2026, the standard deduction amounts under § 63(c)(2) are as follows: Married Individuals Filing Joint Returns and Surviving Spouses (§ 1(j)(2)(A)) $32,200; Heads of Households (§ 1(j)(2)(B)) $24,150; Unmarried Individuals (other than Surviving Spouses and Heads of Households) (§ 1(j)(2)(C)) $16,100; Married Individuals Filing Separate Returns (§ 1(j)(2)(D)) $16,100.

For taxable years beginning in 2026, the standard deduction amounts under § 63(c)(2) are as follows: Married Individuals Filing Joint Returns and Surviving Spouses (§ 1(j)(2)(A)) $32,200; Heads of Households (§ 1(j)(2)(B)) $24,150; Unmarried Individuals (other than Surviving Spouses and Heads of Households) (§ 1(j)(2)(C)) $16,100; Married Individuals Filing Separate Returns (§ 1(j)(2)(D)) $16,100.

For calendar year 2025, the first $19,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts under § 2503 made during that year.

For calendar year 2026, the first $19,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts under § 2503 made during that year.

(7) Applicable limitation amount (A) In general For purposes of paragraph (6), the term "applicable limitation amount" means- (i) in the case of any taxable year beginning in calendar year 2025, $40,000, (ii) in the case of any taxable year beginning in calendar year 2026, $40,400,

(7) Applicable limitation amount (A) In general For purposes of paragraph (6), the term "applicable limitation amount" means- (i) in the case of any taxable year beginning in calendar year 2025, $40,000, (ii) in the case of any taxable year beginning in calendar year 2026, $40,400,

(7) Applicable limitation amount (A) In general For purposes of paragraph (6), the term "applicable limitation amount" means- (i) in the case of any taxable year beginning in calendar year 2025, $40,000, (ii) in the case of any taxable year beginning in calendar year 2026, $40,400,

(7) Applicable limitation amount (A) In general For purposes of paragraph (6), the term "applicable limitation amount" means- (i) in the case of any taxable year beginning in calendar year 2025, $40,000, (ii) in the case of any taxable year beginning in calendar year 2026, $40,400,