Hi I am sure that these questions have been asked, however, I've seen different websites and calculators with different answers. I want to sell Long-Term Investments from my regular (non-Roth) account this year (2025). I will have NO income to report for this year. So... * What will my Federal capital gains tax rate be? 1a) What will my Rhode Island capital gains tax rate be? * I think that the final tax rate is determined by Income + Capital Gains$ sold for the year (2025) I do not know if this is correct. Is it? Again, I will have no income to report this year * I read that I can sell up to $48,000 in Long-Term Capital Gains tax-free at the Federal level. No idea if this is accurate information. It seems wrong, but I don't know. * What is the RI tax rate for Long-Term Capital Gains$ sold (since I would also not be showing income)? Is there a ceiling amount that I can sell tax-free? Obviously, I should talk directly to an RI-based accountant, but I am traveling overseas for a few months. I would appreciate any known, accurate information that I can also verify. Thank you Andrew

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Hi

I am sure that these questions have been asked, however, I've seen different websites and calculators with different answers.
I want to sell Long-Term Investments from my regular (non-Roth) account this year (2025). I will have NO income to report for this year.

So...

What will my Federal capital gains tax rate be?
1a) What will my Rhode Island capital gains tax rate be?
I think that the final tax rate is determined by Income + Capital Gains$ sold for the year (2025)
I do not know if this is correct. Is it?
Again, I will have no income to report this year
I read that I can sell up to $48,000 in Long-Term Capital Gains tax-free at the Federal level.
No idea if this is accurate information. It seems wrong, but I don't know.
What is the RI tax rate for Long-Term Capital Gains$ sold (since I would also not be showing income)? Is there a ceiling amount that I can sell tax-free?

Obviously, I should talk directly to an RI-based accountant, but I am traveling overseas for a few months. I would appreciate any known, accurate information that I can also verify.

Thank you
Andrew

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DaveT

This article may be helpful.

https://learn.valur.com/rhode-island-capital-gains-tax-explained/

JMSSGV

I think that the final tax rate is determined by Income + Capital Gains$ sold for the year (2025)
I do not know if this is correct. Is it?
Again, I will have no income to report this year

Sort of, but the better way to look at is that your capital gains ARE income, not added to your income. So you DO have taxable income.

For a single person, the tax rate for 2025 on long-term capital gains is 0% if your taxable income is $48,350 or lower. There are many capital gains tax calculators available online if you want to verify this.

Andrewjm

Thank you for the replies.
Another question. If I am looking at my portfolio of mutual funds (12) in my regular taxable account on Schwab does the
Market Value - Cost Basis = Capital Gains taxable income
For example:
$160,966.85 - $136,474.41 = $24,492.44 taxable capital gains income

And, according to DaveT's information, I would only pay 3.75% in Rhode Island taxes (no Federal taxes because it is below $48,350 (single filer).

Let me add that I haven't been buying/selling/trading from that account. It's been sitting there since it transferred over from TDA to Schwab. All dividends reinvested.

Sorry for the confusion and lack of knowledge
Thank you again
Andrew

DaveT

https://community.freetaxusa.com/discussion/comment/5096#Comment_5096

You would only incur a capital gains tax liability on sold assets. If you didn't sell anything, there is no realized capital gain to tax.

Andrewjm

Hi

Yes, thank you
So, for the funds/information example above
I will only pay the 3.75% RI Capital Gains Tax?

I am assuming that the cost-basis I see on my Schwab account is accurate. The rep I just spoke to said that it is accurate for tax reporting. I hope so.

Thank you again
Andrew