Personal Finance & Money Asked by Cyclops on April 3, 2021
How do I determine what the capital-gains tax is on an item like Collectible Cards, in the state of Virginia? (one-time sale of cards older than a year, not a businessman). Additionally, how does this "interact" with the U.S. Federal capital-gains tax (which as far as I can tell, will be 28%).
It’s been surprisingly hard to find this out. The little I’ve seen, seems to indicate that VA follows the US tax-rates on things like that, which would mean the total tax would be 56%? Ouch…
Virginia long-term capital gains are taxed like any other income, with a maximum rate of 5.75%, so your maximum combined rate is 33.75%.
Answered by Orange Coast- reinstate Monica on April 3, 2021
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