For the two lowest marginal rates, there is no Federal Capital Gain Tax in 2008 through 2010. Does anyone know if this same tax "break" extends to state capital gains taxes, specifically NJ?
- posted
15 years ago
Does 2008-2010 Low Income No Fed Cap GainTax Also Extend to state (NJ)?
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- posted
15 years ago
NJ does not have special tax rates for gains on the disposition of property. NJ nets your capital losses against capital gains and any net gain is added to other income. Any net loss is disregarded and is lost forever as NJ's income tax is a gross tax. You can't net losses from the disposition of property against other types of income.
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- posted
15 years ago
Most states, including New Jersey, provide no special tax rate for net capital gains. Capital losses are netted against capital gains (not against other income except to the extent of the $3,000 federal allowance, which many states conform to) and net gains are taxed at regular rates.
All of these things are state-specific, so you cannot make any blanket assumptions.
Katie in San Diego