VA Cap Gains tax required if zero income?

m3110w · #1 (**permalink**) 04-28-2015, 10:53 PM

Hi All,

I'm a VA resident. I'm early retired and for the past few years have had zero income and zero Fed AGI. This year I may get some Cap Gains income about $3,000 total. That would be my only income. I researched and it looks like I would not need to pay any Fed tax on it. I then researched VA and I didn't find anything. Would I need to pay VA tax on the Cap Gains if my income is zero?

Thanks,

Wnhough · #2 (**permalink**) 04-29-2015, 04:04 PM

Quote:

Originally Posted by m3110w

Hi All,

I'm a VA resident. I'm early retired and for the past few years have had zero income and zero Fed AGI. This year I may get some Cap Gains income about $3,000 total. That would be my only income. I researched and it looks like I would not need to pay any Fed tax on it. I then researched VA and I didn't find anything. Would I need to pay VA tax on the Cap Gains if my income is zero?

Thanks,

No tax due to IRS as your taxable income is zero as the amount for your standard deduction/personal exemption is larger than your capital gain of $3K.For VA,I do not think so ;UNLESS your VAGI is over $11,950,you do not need to file your VA return either. I believe you do not even need to pay estimated tax on your capital gain of $3K with VA.However, I guess you need to contact the Dept of Rev of VA for more accurate info on your issue; state tax law varied from state to state; you may call for sevcie at 804)367-8031

m3110w · #3 (**permalink**) 04-30-2015, 01:31 AM

Quote:

Originally Posted by Wnhough

No tax due to IRS as your taxable income is zero as the amount for your standard deduction/personal exemption is larger than your capital gain of $3K.For VA,I do not think so ;UNLESS your VAGI is over $11,950,you do not need to file your VA return either. I believe you do not even need to pay estimated tax on your capital gain of $3K with VA.However, I guess you need to contact the Dept of Rev of VA for more accurate info on your issue; state tax law varied from state to state; you may call for sevcie at 804)367-8031

OK, thanks for the details. Very helpful. I sent VA Dept of Taxation an email and hopefully they'll respond soon to verify. Cheers,