Get Al Dor 40nr 2019

Seven states Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming levy no personal income tax. Two (New Hampshire and Tennessee) don't tax wages, but do currently tax investment income and interest.

If you sell property that is not your main home (including a second home) that you've held for at least a year, you must pay tax on any profit at the capital gains rate of up to 15 percent. It's not technically a capital gain, Levine explained, but it's treated as such.

The IRS taxes capital gains at the federal level and some states also tax capital gains at the state level. ... They're taxed at lower rates than short-term capital gains. Depending on your regular income tax bracket, your tax rate for long-term capital gains could be as low as 0%.

The current capital gains tax rates under the new 2018 tax law are zero, 15 percent and 20 percent, depending on your income. The 2018 capital gains tax rate is holding steady through 2019, but the income required for each rate has changed.

In Alabama, the uppermost capital gains tax rate was 5 percent.

Go to http://revenue.alabama.gov/forms/ to use the fillable forms. To order paper forms and booklets go to our website http://www.revenue.alabama.gov/forms/order-bulk-income-tax-forms/.

Alabama Standard Deduction Before 2018, taxpayers could only take the standard deduction if they made $20,000 or less but with new tax law changes in the state, a married couple filing jointly can make a combined adjusted gross income of up to $23,000 to take the maximum standard deduction of $7,500.

Alabama does not have any reciprocal agreements with any other states. There are local income (or occupational) taxes imposed in certain Alabama cities and counties.

Alabama collects a state income tax, with rates of 2%, 4% and 5%. In addition to a state sales tax, counties and cities are allowed to collect taxes on purchases made in their jurisdictions. More on Alabama taxes can be found in the tabbed pages below.