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