State Taxes

Which states have unusual tax laws regarding gains on investments?

Many states have unusual ways of treating investment gains, according to editors at Forbes. New Jersey does not allow taxpayers to carry forward capital losses from year to year, as is allowed for federal tax purposes. Tennessee taxes its residents on capital gains earned from the sale of mutual funds, but not on the sale of individual stocks. New Jersey, Connecticut, Kentucky, and Ohio grant tax exemptions to residents on gains made on the sale of their own state’s bonds.


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