Nov 18 2011
Everyone Wants to know How Much is Capital Gains Tax
How Much Is Capital Gains Tax:
A short-term capital gain is when you receive gains from either a property or investment that you owned for less than a year. A short-term capital gain is taxed much higher than a long-term gain. Short-term capital gains are taxed at your maximum tax rate, which could be up to 35%.
A long-term capital gain is taxed at 15% unless you are considered low income. Currently if you are in the 10-15% tax bracket as a taxpayer then you do not have to pay anything on your long-term capital gains. This 0% tax rate is only temporary to help stimulate the economy so take advantage of it now.
Capital Losses
If by chance you sold property or stock and lost money then you can apply that loss against other capital gains.
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