What is the tax rate for capital gains income in Idaho?
Capital gains taxes have long been a favorite target of Republicans. President George W. Bush successfully lowered the federal rate from 20 percent to 15 percent in 2001. The rate is scheduled to go back up in 2011 unless Congress extends the break.As simple as calculating normal profits on your investment. You don’t have to have any capital gain tax rate calculator or contact a financial consultant to do so.Californians pay among the highest capital gains tax rates in the country. That’s because California taxes overall income at a higher rate than other states, said Kathleen A. Thies, a state income tax analyst at CCH Inc., a national tax and accounting firm.
Idaho does not have a special tax rate for gains and losses on stocks, bonds, or other intangibles. Idaho does have a deduction of up to 60% of the capital gain net income of qualifying Idaho property. For tax year 2001 only, the deduction was increased to 80% of the qualifying capital gain net income. For a list of qualifying property, refer to FAQ IIT – 11 or the Form CG. You must complete Form CG to compute your Idaho capital gains deduction. Contact us if you need more information.
