Showing results for Illinois (IL)
Calculators/Taxes
Capital Gains Tax Calculator
Calculate how much tax you'll owe when selling investments, real estate, or other assets.
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Tax Summary
Capital Gain$35,000
Federal Rate15%
Illinois State Rate (est.)~5.0%
Tax Owed$6,983
Net Proceeds$78,018
Capital Gains Tax Owed
$6,983
Capital Gain
$35,000
Net Proceeds
$78,018
How to Use This Calculator
1
Enter your purchase price (cost basis)
The amount you paid for the asset, including fees. For stocks, this is your purchase price × shares. For real estate, include purchase price + closing costs + major improvements.
2
Enter the sale price
What you sold (or plan to sell) the asset for, minus selling costs. For real estate, subtract realtor commissions (typically 5–6%).
3
Select short-term or long-term
Assets held UNDER 12 months: short-term gains, taxed as ordinary income (10–37%). Assets held OVER 12 months: long-term gains, taxed at 0%, 15%, or 20%. Always hold 12+ months when possible.
4
Enter your total annual income
Your regular income determines which capital gains bracket you fall into. Lower income = lower capital gains rate. Strategic timing of asset sales can reduce your rate.
Real-World Examples
Stock Sale — Texas Advantage
Purchase Price
$30,000
Sale Price
$55,000
Holding Period
18 months (LT)
Annual Income
$75,000
ResultTX: $3,750 | CA equivalent: $11,050
Texas saves $7,300 in state taxes alone on this one sale. That's the real Texas advantage.
Short-Term Flip
Purchase Price
$280,000
Sale Price
$360,000
Holding Period
8 months (ST)
Annual Income
$120,000
Result~$24,000 in federal tax
Short-term gains are taxed as income (24% bracket). Holding just 4 more months could have saved ~$12,000.
Frequently Asked Questions
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