What is the law on capital gains tax?

Capital gains taxes in Florida are the taxes imposed on profits from the sale of investments such as real estate or stocks. These taxes are assessed by the Florida Department of Revenue at the state level. There are two types of capital gains taxes in Florida. Short-term capital gains taxes are imposed on profits that have been held for 12 months or less, while long-term capital gains taxes are imposed on profits that have been held for more than 12 months. The exact amount of capital gains taxes imposed on an individual’s profits varies depending on the amount of income earned in the tax year. Generally, individuals making a net taxable income of $0-$250,000 will pay a capital gains tax rate of 5.5%. Individuals making a net taxable income of $250,000-$500,000 will pay a 6% capital gains tax rate, and individuals making a net taxable income of $500,000 and over will pay 6.5%. In addition to the capital gains tax, individuals are also required to pay any applicable federal taxes on their capital gains. To determine the exact amount of taxes they will owe, individuals should consult with a tax specialist or accountant.

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What is the law on capital gains tax?

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