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This directive from the Department of Revenue outlines filing extensions for taxpayers with long-term capital gains amidst changes in Massachusetts tax law.
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How to fill out directive 99-12 filing extension
How to fill out Directive 99-12: Filing Extension; Taxpayers with Long-Term Capital Gains
01
Gather all necessary documentation related to your long-term capital gains.
02
Obtain a copy of Directive 99-12: Filing Extension forms from the appropriate tax authority website.
03
Complete the relevant sections of the form, ensuring all information is accurate.
04
Clearly indicate the reason for requesting a filing extension and include details of your capital gains.
05
Review the completed form for any errors or missing information.
06
Submit the form before the deadline specified in the directive, either electronically or by mail.
Who needs Directive 99-12: Filing Extension; Taxpayers with Long-Term Capital Gains?
01
Taxpayers with long-term capital gains who need additional time to file their tax returns.
02
Individuals who anticipate needing more time due to complex capital gains calculations.
03
Anyone facing unforeseen circumstances that delay their ability to meet tax filing deadlines related to long-term capital gains.
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People Also Ask about
Are long-term capital gains subject to net investment income tax?
Net investment income includes: Capital gains (short- and long-term)
Is the long term capital gains tax 15% or 20?
Long-term capital gains tax rates for the 2025 tax year For the 2025 tax year, individual filers won't pay any capital gains tax if their total taxable income is $48,350 or less. The rate jumps to 15 percent on capital gains, if their income is $48,351 to $533,400. Above that income level the rate climbs to 20 percent.
At what age do you no longer have to pay capital gains tax?
The short and simple answer: Age doesn't exempt anyone from capital gains tax. This means even if you're like Mark, celebrating your 70s or beyond, Uncle Sam still expects his share from your capital gains.
What is the long-term capital gains tax rule?
Long-term capital gains are typically taxed at lower rates, meaning there may be a benefit to holding onto your assets for longer before you sell them. Short-term capital gains are taxed at the same rate as your ordinary income. Meanwhile, long-term gains are taxed at either 0%, 15%, or 20%.
What is the 20% rule for capital gains?
However, a capital gains rate of 20% applies to the extent that your taxable income exceeds the thresholds set for the 15% capital gain rate. The taxable part of a gain from selling section 1202 qualified small business stock is taxed at a maximum 28% rate.
Who is exempt from long-term capital gains tax?
Capital gains up to Rs 1.25 lakh per year (equity) are exempted from capital gains tax. Long-term capital gain tax rate on equity investments/shares will continue to be charged at 12.5% on the gains. On the other hand, short-term capital gains tax on shares or equity investments will be charged at 15%.
What is the $3000 capital loss rule?
The Internal Revenue Code allows taxpayers to claim a capital loss deduction from their annual capital gains. Capital loss deductions are limited to $3,000 a year as of 2025. Losses over this limit can be carried forward and claimed in future tax years if you make use of a capital loss carryover.
How do I file long-term capital gains?
Capital assets that you hold for more than one year and then sell are classified as long-term on Schedule D and Form 8949 if needed. The advantage to a net long-term gain is that generally these gains are taxed at a lower rate than short-term gains. The precise rate depends on the tax bracket you're in.
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What is Directive 99-12: Filing Extension; Taxpayers with Long-Term Capital Gains?
Directive 99-12 is a regulatory provision that allows taxpayers who realize long-term capital gains to request an extension for filing their tax returns.
Who is required to file Directive 99-12: Filing Extension; Taxpayers with Long-Term Capital Gains?
Taxpayers who have realized long-term capital gains during the tax year and wish to apply for an extension are required to file Directive 99-12.
How to fill out Directive 99-12: Filing Extension; Taxpayers with Long-Term Capital Gains?
To fill out Directive 99-12, taxpayers need to complete the form with their personal details, specify the type of capital gains realized, and provide any additional information required by the directive.
What is the purpose of Directive 99-12: Filing Extension; Taxpayers with Long-Term Capital Gains?
The purpose of Directive 99-12 is to provide taxpayers with additional time to file their tax returns in order to accurately report long-term capital gains and avoid penalties.
What information must be reported on Directive 99-12: Filing Extension; Taxpayers with Long-Term Capital Gains?
The information that must be reported includes the taxpayer's identification details, the amount of long-term capital gains, and any applicable supporting documentation regarding these gains.
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