1031 Exchange Alabama

 

Capital Gains Rates

State Rate
5.00%
Local Rate
0%
Deduction
None
Combined Rate
27.7%

Income Tax Rates

Single Filer

Rates   Brackets
2.00% > $0
4.00% > $500
5.00% > $3,000

Married Filing Jointly

Rates   Brackets
2.00% > $0
4.00% > $1,000
5.00% > $6,000

Standard Deduction

Single Couple
$2,500 $7,500

Personal Exemption

Single Couple Dependent
$1,500 $3,000 $1,000

Additional State Capital Gains Tax Information for Alabama

Alabama allows taxpayers to deduct federal income taxes from their state taxable income. The Combined Rate accounts for Federal, State and Local tax rates on capital gains income, the 3.8 percent Surtax on capital gains and the marginal effect of Pease Limitations (which results in a tax rate increase of 1.18 percent).

Additional State Income Tax Information for Alabama

For single taxpayers with Adjusted Gross Income (AGI) below $20,000, the standard deduction is $2,500. This standard deduction amount is reduced by $25 for every additional $500 of AGI, not to fall below $2,000. For married taxpayers filing jointly with AGI below $20,000, the standard deduction is $7,500. This standard deduction amount is reduced by $175 for every additional $500, not to fall below $4,000. For all taxpayers claiming a dependent with AGI below $20,000, the dependent exemption is $1,000. This amount is reduced to $500 per dependent for taxpayers with AGI above $20,000 and below $100,000. For taxpayers with over $100,000 AGI, the dependent exemption is $300 per dependent. Alabama allows taxpayers a deduction for total federal tax liability from their federal return less any federal tax credits claimed. 

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