American Samoa capital gains tax calculator

American Samoa taxes gains under the US tax code as it stood on 31 December 2000. A gain on an asset held more than a year pays 10% where it falls in the 15% bracket and 20% above it, so the top rate on shares is 20%. Gains on assets held a year or less pay ordinary rates of 15% to 39.6%. Collectibles pay at most 28%. Every return pays at least 4% of adjusted gross income.

No separate one. The Samoan Income Tax Act adopts the US income tax rules in force on 31 December 2000 as a territorial income tax, and a capital gain is reported on Schedule D with Form 390. The American Samoa Government Tax Office collects it.

Yes. A gain on shares, funds or crypto held more than a year pays 10% or 20% depending on where it stacks above your other taxable income. A gain on anything held a year or less is added to income and taxed at your ordinary rate.

Up to $250,000 of the gain is excluded, or $500,000 on a joint return, when you owned and used the home as your main home for 2 of the 5 years before the sale and sold no other main home in the past 2 years. Gain above the cap is taxed as a long-term gain. A loss on your home is not deductible.

Section 5 of the Samoan Income Tax Act sets a minimum tax of 4% of adjusted gross income for every taxpayer other than a corporation. You pay the greater of the regular tax and that amount, and a gain adds to adjusted gross income.

Losses net against gains first. A net capital loss then deducts up to $3,000 ($1,500 married filing separately) against other income, and the remainder carries forward to later years.

American Samoa has no separate capital gains tax. Capital gains fall under the territorial income tax, which adopts the US Internal Revenue Code rules in force on December 31, 2000 (A.S.C.A. 11.0403(a)); Form 390 line 13 takes the Schedule D capital gain or loss into income. Source: https://asbar.org/code-annotated/11-0403-imposition-of-tax-citation/ and https://www.americansamoa.gov/_files/ugd/4bfff9_a3bcba04ed65461ba9c6e20f503a8725.xlsx

Short-term gains (assets held one year or less) are taxed as ordinary income on the 2000 rate schedules; the holding period for long-term gains is more than 1 year. Source: https://www.irs.gov/pub/irs-prior/i1040sd--2000.pdf

Net capital gain is taxed at no more than 10% to the extent it falls within the 15% bracket (up to $26,250 single, $43,850 joint, $21,925 separate, $35,150 head of household) and at 20% above it: Schedule D (Form 1040) 2000 Part IV, line 37 (10%) and line 41 (20%). Source: https://www.irs.gov/pub/irs-prior/f1040sd--2000.pdf

Collectibles gain is taxed at a maximum 28% and unrecaptured section 1250 gain at a maximum 25% (Schedule D 2000 Part IV, lines 47 and 51). Source: https://www.irs.gov/pub/irs-prior/f1040sd--2000.pdf

A net capital loss is deductible against other income up to $3,000 ($1,500 married filing separately); the excess carries forward (Schedule D 2000, line 18 and the Capital Loss Carryover Worksheet). Source: https://www.irs.gov/pub/irs-prior/f1040sd--2000.pdf and https://www.irs.gov/pub/irs-prior/i1040sd--2000.pdf

Sale of a main home: up to $250,000 of gain is excluded ($500,000 on a joint return when both spouses meet the tests) when the home was owned and used as the main home for 2 years or more of the 5 years before the sale and no other main home was sold in the prior 2 years. Source: https://www.irs.gov/pub/irs-prior/i1040sd--2000.pdf

The 4% American Samoa minimum tax on adjusted gross income applies to the whole return, gains included. Source: https://asbar.org/code-annotated/11-0503-section-5-added/

The tax year is the calendar year; the Tax Office's filing season opens in late January. Source: https://www.americansamoa.gov/tax-office