Florida Taxes Guide
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Overview of Florida Capital Gains Tax
Florida capital gains tax isn’t levied on asset profits. Individuals pay capital gains taxes to the federal government. You only pay them on realized gains upon sale.
Federal capital gains taxes apply to:
- Stock market stocks
- Asset appreciation
- Real estate sales
- Other securities
Florida estate planning lawyers help individuals maximize their wealth through tax planning on end-of-life affairs. They can also help you avoid common financial mistakes.
Capital Gains Tax Rate
Florida’s capital gains tax rate depends upon your specific situation and defaults to federal rules.
Individuals and families must pay the following capital gains taxes
- ncome up to $40,400 single/$80,800 married: 0 percent
- Income over $40,400 single/$80,800 married: 15 percent
- Income over $445,850/$501,600 married: 20 percent
- Unrecaptured Section 1250 gains: 25 percent
- Collectibles: 28 percent
If you own a business, business tax rates will apply. Currently, Florida’s business tax rate is 5.5 percent, with exemptions for passthrough entities.
Federal Cap Gains Tax vs. Florida Cap Gains Tax
The Florida state tax on capital gains stems from the federal tax code as enforced by the IRS. Since Florida doesn’t have an individual income tax, it means there’s also no state-specific capital gains taxes.
Compliance with Florida Capital Gains Tax
Florida capital gains tax compliance is unnecessary since the state doesn’t charge a separate capital gains tax. However, the IRS will expect you to pay capital gains taxes on applicable returns with your regular taxes.
Capital Gains Tax Calculator
A Florida capital gains tax calculator will help you estimate and pay taxes based on your situation. You can use a capital gains tax rate table to manually calculate them, as shown above.
For example, if a person earns $50,000 per year and earns a capital gain of $1,000, they will have to pay $150 in capital gains taxes to the IRS.
Filing & Paying
Filing and paying Florida capital gains tax isn’t necessary since Florida doesn’t have state-specific rules. However, you must send federal capital gains tax payments to the IRS. You must use Schedule D on Form 1040 when calculating and making a payment.
Other Florida Taxes
Other taxes in Florida apply to your earnings and losses. Specific deductions and tax cuts may apply also. You should plan your taxes carefully to maximize your opportunities.
Florida estate planning lawyers offer business-friendly legal advice on how to avoid overpaying on capital gains and employer-related taxes
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Meet some of our Tax Lawyers
Ryan D.
Ryan Duffy is a skilled attorney with extensive experience in business law and estate planning. He received his undergraduate degree in Business from Franklin & Marshall College and went on to graduate from Villanova University Charles Widger School of Law. Ryan has worked with numerous clients on matters ranging from business formation and contract drafting to estate planning and asset protection. He is dedicated to helping businesses of all sizes achieve their goals while minimizing legal risks. He also works closely with individuals and families to help them protect their assets and plan for the future. With his extensive knowledge and practical approach, Ryan can provide valuable legal guidance and support to clients in need of business law and estate planning services.
AJ M.
⛵AJ has practiced in entertainment, technology, intellectual property, data privacy and protection, a broad array of domestic and international transactions, finance, and as outside General Counsel for startup and growth companies.
April 17, 2023
Andrew M.
Business Venture Law: Andrew Moore, Esq. focuses on solving modern business problems with common sense at affordable rates.
April 27, 2023
MICHAEL B.
Hamilton College, BA 1974, University of Kansas, PhD 1980, USC Gould School of Law, JD 1986. Mr. Bordy represents clients in real estate and business transactions. He has conducted seminars and webinars in real estate financing transactions, commercial leasing transactions, legal opinions and business entity formation.
May 2, 2023
Marshal H.
Sorry to toot my own horn, but I'm not your average lawyer. I graduated in the TOP 1% of my class from one of the nation's top law schools (Berkeley Law). I received eight awards for the HIGHEST GRADE in individual courses, including Constitutional Law, Advanced Legal Research, and Advanced Legal Writing. I worked for three years at a top-flight litigation boutique, where my clients included billion-dollar, household-name companies. I started my own law firm two years ago. Why? Because I wanted to help REAL PEOPLE, not just big companies. I win big cases on behalf of people who were done wrong by businesses, employers, and others. I am more than qualified to advise on any dispute, and am particularly experienced in matters related to digital commerce and consumer protection. Let's go get justice, together.
May 3, 2023
Tyler P.
I am an experienced business coordinator with years of experience operating within an international setting where I discovered my passion for contracts and helping people. I became an attorney later in life to further and enhance these passions and to be able to help those in similar positions as I was find the legal help they need, and work with clients on a rate that is a fraction of the cost of going to a larger firm.
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