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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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I live in New York City. Are there capital gains tax rates ...

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I live in New York City. Are there capital gains tax rates in NYS like Federal level? Or are capital gains taxed at ordinary rates in NYS or at 15% like Federal? If not.. what states would be the most advantageous to live in when making capital gains?

NYS does not have favorable tax rate for capital gain taxes as available at federal level. Capital gain will be taxed as ordinary income tax rate depending on your NY State income tax bracket.

It would be advantageous to be resident of a state which does not have state tax.

Seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income.

HOwever note that if the capital gain is from sale of a real property than you are subject to tax on the gain in the State in which the property is located.

 

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

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