1031 Exchange Maryland

Maryland Opportunity Zones

Capital Gains Rates

State Rate 5.75%

Local Rate 2.85%

Deduction None

Combined Rate 30.75%

Additional State Capital Gains Tax Information for Maryland

The Combined Rate accounts for Federal, State, and Local tax rate 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 Maryland

The standard deduction is 15% of income with a minimum of $1,500 and a cap of $2,300 for single filers, married filing separately filers and dependent filers. The standard deduction is a minimum of $3,000 and capped at $4,600 for married filing jointly filers, head of households filers and qualifying widowers. The exemption amount has the following phase out schedule: If AGI is above $100,000 but below $150,000 for single filers, and above $150,000 but below $200,000 for married couples, the $3,200 exemption begins to be phased out; if AGI is above $150,000 for single filers and above $200,000 for married filers, the exemption is phased out entirely.

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Source: Tax Foundation State Individual Tax Rates and Brackets for 2020 as of March 2020