![]() ![]() The amount of time a stock or other asset is held determines how it is taxed: This is all reported at the end of the year by filing an individual income tax return. When a purchaser buys a stock in a company at a set price, as the value of the company fluctuates, so does the stock the holder of the stock can sell high to make a profit and thus incur a capital gain or sell low and take a capital loss. The most common form of trading and investing comes from the stock market. This may be from selling property, selling a collectible, trading crypto or an NFT, or other forms of investing. When you purchase, hold, trade, or sell an asset, this is going to affect your tax situation. Related: How are NFTs and Cryptocurrencies Taxed? Investments and Taxes e-File your 2022 Taxes now or by April 18, 2023. Simply answer a few questions during the tax interview and we will prepare and complete the correct tax forms to calculate and report any capital gains tax (or losses) that is appropriate for you. makes it easy for you when you start a free tax return on, you don't have to guess how to report your capital gains nor whether or not you need to pay taxes on them. How the capital gains are calculated and how much it is taxed can be confusing and difficult to understand. The IRS taxes income from capital gains differently than regular income if it is held longer than a year. ![]() Parking facilities built in conjunction with or as part of a project authorized by the Convention Center Financing Act in Boston, Springfield or Worcester.When you sell a piece of property or stocks and you make a profit from the sale, the profit income that you make is called a capital gain and is considered taxable income by the IRS. Parking facilities surcharge in Boston, Springfield and/or Worcester In addition to Boston, there is a $10 surcharge in Revere and a statewide $2 surcharge. See TIR 19-4 and TIR 05-14. Ticket purchase or any water- or land-based sightseeing tourist venue or entertainment cruise or trolley tour originating or located in Massachusetts and conducted partly or entirely in Boston.īoston vehicular rental transaction surchargeĮach vehicular rental transaction contract executed in Boston. Motor vehicles garaged outside Massachusetts Value (equity interest) of the corporation's interest in a ship or vessel engaged in interstate or foreign trade. Net income that is taxable at the federal level. Total receipts $9 million or more (net income) S Corporations that are Financial Institutions Net income taxable at the federal level including certain built-in gains that are taxable at the federal level under IRC § 1374 and on passive investment income taxable at the federal level under IRC § 1375. ![]() Total receipts $9 million or more (net income) Total receipts $6 million or more but less than $9 million (net income) 63 §§ 32D, 39 that are not Financial Institutions General Business and manufacturing corporations Sales tax on meals, prepared food and all beveragesĪll "restaurant" food and on-premises consumption of any beverage in any amount.Ī city or town may also charge a local sales tax on the sales of restaurant meals. Up to 3% (local option for cities and towns) Sale, rental or use of tangible personal property, including cigarettes, telecommunications services and certain fuel. Currently this applies for all Barnstable County municipalities.īeginning July 1, 2019, for short-term rentals only, cities and towns are permitted to charge an additional community impact fee up to 3% if an operator has more than one property in that locality or is renting an owner-occupied 2 or 3 family house on a short-term rental basis. In Barnstable, Nantucket and Dukes Counties an additional 2.75% may be charged for the Cape Cod and Islands Water Protection Fund beginning July 1, 2019. See TIR 05-01 for more information.Ĭape Cod and Islands Water Protection Fund In the cities of Boston, Worcester, Cambridge, Springfield, West Springfield, and Chicopee, an additional 2.75% tax is charged for convention center funding. In addition to the state excise, Massachusetts cities and towns are permitted to charge a local room occupancy excise tax up to 6% (6.5% for Boston). Note that while the statute provides for a 5% rate, an uncodified surtax adds. The state’s room occupancy excise tax rate is 5.7%. Visit TIR 19-14 for surcharge information. Sales price (less mortgage assumed) of real estate Smokeless tobacco (percentage of price paid by licensee)Ĭigars & smoking tobacco (percentage of price paid by licensee) Still wine, including vermouth (wine gal.)Īlcoholic beverages 15% or less (wine gal.)Īlcoholic beverages more than 15%-50% (wine gal.)Īlcoholic beverages more than 50% of alcohol (proof gal.) Short term capital gains and long-term gains on collectibles ![]()
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