Tax Center

Ready to file your taxes? Find everything you need to know right here. Bankrate has neatly organized its tax content into categories – all beginning on this page – so that you can easily access the information that pertains to your particular tax situation.

advertisement

Tax Adviser

Help! The IRS can't find my W-2

Take these steps to find out why the IRS doesn't have a record of your work. Read more

What tax bracket are you in? Most taxpayers see their income fall into several. And even when you find yourself in the top 39.6% bracket, that doesn't mean you're paying Uncle Sam nearly 40% of your income. Learn more here.
View the current tax brackets for single, married or head of household filings.
Check out the individual income tax rates and earnings to which they apply for 2014.
A FREE gross pay calculator and other net paycheck calculators to help consumers determine the actual take home amount.
Most states tax wage and salary income. Most also collect sales taxes. At more local levels, personal and real property are taxed. Learn about your state's tax levies at Bankrate's state tax rates page.
Select a State
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District Of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Whether you work at an employer's office or run your own business, you'll have to report your earnings. Find the various tax breaks you're entitled to, along with ways to contribute to a retirement plan to prepare for life after work.
These laws target high-income taxpayers. Does that include you?
Read more
Looking for relief from state income taxes? Just move to one of these states.
Read more
The tax man is lenient about certain teen jobs, but be on guard for this trap.
Read more
There are tax implications -- some good, some not so great -- for life's milestones.
Read more
Most taxpayers are able to take advantage of at least some of the myriad tax credits and tax deductions available in our tax system. What's the difference? Both can reduce your tax bill, but one is much better than the other. Find out which tax breaks you're entitled to claim - and don't shortchange yourself!
The garage construction doesn't qualify for the energy tax credit, but these things do.
Read more
The refundable earned income tax credit can be a great benefit that's worth waiting for.
Read more
As kids go back to school, check out these tax breaks for a family's education costs.
Read more
The Work Opportunity Tax Credit helps veterans and certain other workers land jobs.
Read more
Find out tax-favored ways to make the most of work benefits, save for retirement and plan the estate you'll leave to your family.
Beware of these costs if you take money out of your retirement plan to buy a home.
Read more
The CPA likely tried to help your mom, who qualifies to appeal the tax underpayments.
Read more
The rules are tricky when it's time to take money out of your 401(k) and IRA.
Read more
You won't owe taxes if you pay fees from your IRA. In fact, there may be other tax breaks. 
Read more
There are different ways to make money. Uncle Sam generally wants a cut of all types of earnings. Investment earnings, however, generally are taxed at lower rates. Uncle Sam, however, has a heart. When your investments go bad, you get a tax break. And then there's the biggest tax break of all – the capital gains exclusion pertaining to your home investment.
After converting your home to a rental property, your taxes became more complicated.
Read more
Talk with a pro to determine your liability on the sale of the property you were given.
Read more
You can't avoid tax on the rental property sale, but other tax benefits may even things out.
Read more
The rules keep changing, but the home sale tax break is still one of the best around.
Read more
Stay on top of the latest developments in the tax world.
advertisement

Owe capital gain tax on primary residence that was converted into a rental property?

Dear Tax Talk, I bought a property in 2009 at $235,000 and made improvements worth $50,000. It was our primary residence from July 2009 until April 2015. As of May 2015, it became a rental property. Now we are thinking of putting the rental property on the market for about $450,000 and hoping it will sell in the next 5-6 months. I know I am looking at capital gains on the profit ($165,000). But based on IRS documentation, since it was our primary residence for at least 2 years in the last 5 years from the date of selling, I qualify for excluding this capital gain (i.e., I am not expected to pay any capital gains).

advertisement
advertisement