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# Illinois capital gains tax rate 2014

### Resolved Question:

What is the capital gains tax rate in Illinois on stocks held more than 3 years if my income is under \$60,000?

Submitted: 9 years ago.
Category: Tax
Expert:  Lev replied 9 years ago.

The capital gain rate for a property held more than a year is 5% or 15%. The actual rate will depend on your taxable income and filing status. If you provide this information I will do estimate.

IL state taxes are 3%.

Category: Tax
Satisfied Customers: 27707
Experience: Taxes, Immigration, Labor Relations
Lev and 2 other Tax Specialists are ready to help you
Customer: replied 9 years ago.

The filing status is single. Net taxable income on Form 1040 (line 43) is \$68,000. Capital gain is \$36,000 for the sale of stock held for over three years.

Expert:  Lev replied 9 years ago.

Assuming that your taxable income (line 43) \$68,000 included the long term capital gain of \$36,000 - so your taxable income without long term capital gain is \$68,000-\$36,000=\$32,000.

Because this is more than \$30,650 - means you are in the 25% tax bracket - the long term capital gain of \$36,000 will be taxed at 15%.

To calculate the exact tax amount to be put on the line 44 you should use the worksheet on the last page of instructions to the schedule D - http://www.irs.gov/pub/irs-pdf/i1040sd.pdf

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