Must I pay New York State taxes on my long-term capital gains?
I thought long-term capital gains on stock sales were taxed at the 15% rate, all of which went to the federal government? But does New York State get a cut of my gains too!? And how much do they take? Let’s say I had a long-term capital gain of $100,000–what would my total (federal+state) tax liability be (roughly)? Thx.
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about 1 year ago
long-term gains are taxed at a maximum rate of 15%, but that covers only the federal portion. Yes, you do have to pay New York taxes on capital gains. I’ve attached a link to NY tax rates to assist you.