gwballin
Pro-Bowler
- Joined
- Dec 8, 2009
- Messages
- 825
- Reaction score
- 1,129
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As others have mentioned, winning the house would be considered ordinary income and therefore be taxed at your ordinary income tax rates. Because of that it is not just as easy so say XX% since you have to factor in all of your other ordinary income, deductions, etc.
That said, the highest federal marginal tax rate for 2013 is 39.6% which starts to kick in once taxable income hits $400k for single filers and $450K for married (filing jointly).
The highest Louisiana marginal tax rate for 2013 is 6% which starts to kick in once taxable income hits $50k for single filers and $100K for married (filing jointly).
That said, the highest federal marginal tax rate for 2013 is 39.6% which starts to kick in once taxable income hits $400k for single filers and $450K for married (filing jointly).
The highest Louisiana marginal tax rate for 2013 is 6% which starts to kick in once taxable income hits $50k for single filers and $100K for married (filing jointly).