What is the tax rate for long-term capital gains?

In Virginia, the tax rate for long-term capital gains is determined by the taxpayer’s total annual income. If a taxpayer’s income is below $17,000, the tax rate is 0%. For incomes between $17,000 and $20,000, the tax rate is 3.00%. Incomes between $20,000 and $25,000 are taxed at 5.75%, incomes from $25,000 up to $60,000 are taxed at 5.75%, and incomes over $60,000 are taxed at 5%. For higher incomes, Virginia’s tax rate jumps to 6%. The state also has a surcharge of 1.6% for incomes over $250,000. Virginia does not tax Social Security or most public pension benefits, but does tax any private pensions or annuities. Virginia also does not have any local income taxes. Long-term capital gains are capital assets held for more than one year, such as stocks or real estate. The federal government taxes long-term capital gains at a rate of up to 20%, depending on the taxpayer’s income. Virginia follows the same tax rate for long-term capital gains, but may add additional state taxes depending on the taxpayer’s annual income. Therefore, the actual tax rate for long-term capital gains in Virginia can vary from 0% to 26.6%, depending on the total annual income.

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What is the tax rate for long-term capital gains?

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