King Washington Form Instructions 1040 (Schedule A) 2024-2025

King Washington Form Instructions 1040 (Schedule A): What You Should Know

The Deductions for Sales of Real Estate in Maryland Effective July 1, 2018, new tax on residential real estate in Maryland will be in effect. The new tax is an excise tax on the property's fair market value. The tax rate, effective July 2018, will be 8.75% on net income after all deductions but does not include income or gains from the sale of other kinds of real estate. State Deductions for Sales of Residential Real Estate in Delaware Effective July 1, 2018, tax on sales of residential real estate in California, Colorado, New Jersey, Oregon and Washington will be in effect. The new tax is an excise tax on the property's total appraised value. The tax rate, effective July 2018, will be 9.75% on net income after all deductions but does not include income or gains from the sale of other kinds of real estate. State Deductions for Residential Real Estate in Hawaii Effective July 1, 2018, tax on sales of residential real estate in Indiana, Maine, New Hampshire, Pennsylvania, Vermont and Wisconsin will be in effect.  The new tax is an excise tax on the property's total appraised value. The tax rate, effective July 2018, will be 9.875% on net income after all deductions but does not include income or gains from the sale of other kinds of real estate. The Deductions for Sales of Residential Real Estate in Nevada Effective July 1, 2018, tax on sales of residential real estate in Arizona, California, Colorado, Illinois, Maryland, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, Texas, Virginia and West Virginia will be in effect. The new tax is an excise tax on the property's total appraised value. The tax rate, effective July 2018, will be 11.15% on net income after all deductions but does not include income or gains from the sale of other kinds of real estate. State Deductions for Sales of Residential Real Estate in Idaho Effective July 1, 2018, tax on sales of residential real estate in Idaho will be in effect. The new tax is an excise tax on the property's total appraised value. The tax rate, effective July 2018, will be 11.25% on net income after all deductions but does not include income or gains from the sale of other kinds of real estate.

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