Reno earns high marks in MagnifyMoney study
Reno ranked 7th in among the 100 largest U.S. metropolitan areas in a study done by MagnifyMoney indicating locations where Americans have cash in the most wealth.
For the 100 largest American metros, MagnifyMoney looked at two facets of capital gains: How much in gains, per resident, were realized; and, to get a sense of the breadth of wealth being realized and taxed, the percentage of individuals who filed federal taxes that cited a capital gain.
The service ranked each metro on these metrics and weighted them evenly to create a Cashing In Score, from 0 to 100 (with 100 representing a metro that would rank first in both capital gains per resident and the percentage of returns with capital gains).
Reno received a score of 61.2, with capital gains per resident of $53,866, a percentage of returns with capital gains of 17 percent. By comparison, Fort Myers, Fla., which ranked 1st on the list, had a score of 97.6, capital gains per resident of $102,799, a capital gain of 24 percent.
MagnifyMoney analyzed five years’ worth of Internal Revenue Service (IRS)— from 2012 to 2016 — to see where American taxpayers are getting the most return on their investments. In particular, we focused on capital gains: a tax on the sale of appreciated assets like real estate and stocks.
For a link to the study, click here.
Nevada was honored in the 3- to 5-million population category, alongside Kentucky and Utah, while Alabama was awarded the Gold Shovel in the same Category. Other Gold Shovel Awards went to Texas, Georgia, Virginia, Arizona and Mississippi.