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The below would apply to the sale of personal assets (nonbusiness assets) that have been held for more than one year and then sold at a gain. Currently net capital gain is generally taxed at rates no higher than 15%, although, for 2008 through 2010, some or all of the net long term capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates
For the sale of personal assets nonbusiness asset at this time of the year July 8 2010 as long as your TAXABLE INCOME stays below the limited amount for your filing status $32,550 if single or married filing separately;
$65,100 if married filing jointly or qualifying widow or widower; or $43,650 if head of household.
The LTCG tax rate will be -0- ZERO above the limited amount the LTCG rate would be taxed at the maximum amount of 15%.
There are three exceptions to above information.
1 The taxable part of a gain from selling Section 1202 qualified small business stock is taxed at a maximum 28% rate.
2 Net capital gain from selling collectibles (such as coins or art) is taxed at a maximum 28% rate.
3 The part of any net capital gain from selling Section 1250 real property that is required to be recaptured in excess of straight-line depreciation is taxed at a maximum 25% rate.
Go to the IRS gov web site and use the search box for Topic 409 - Capital Gains and Losses
What else can I help you with?
Is subordinated capital notes a current liability or a long term liability?
Long term
How are option premiums taxed?
Option premiums are taxed as either short-term or long-term capital gains, depending on how long the option is held. Short-term gains are taxed at ordinary income tax rates, while long-term gains are taxed at lower capital gains rates.
NJ long term capital gains tax?
Unlike the federal government, NJ does not have a special long term capital gains rate. All capital gains are taxed at the same rates as ordinary income.
What is the difference between long term capital gain and short term capital gain?
The main difference between long-term capital gains and short-term capital gains is the length of time an asset is held before it is sold. Long-term capital gains are from assets held for more than one year, while short-term capital gains are from assets held for one year or less. The tax rates for long-term capital gains are typically lower than those for short-term capital gains.
What is the capital gains tax rate for the selliing of stock shares?
15% for Long Term, Ordinary Rates for short term www.TaxMeThis.com
Is the long term capital gains tax progressive?
Yes, the long-term capital gains tax is considered progressive because individuals with higher incomes are typically subject to higher tax rates on their capital gains compared to those with lower incomes.
What is fixed and working capital?
Fixed capital is something that is need for long term ...working capital is the capital or funds for managing and carrying out day to day operations. Apart from this a important point to note is that usually fixed assets or long term assets of the company are bought from fixed capital. Buying short term current assets from funds for long term would be illogical.
What is profits from an asset held 12 months or longer?
Profits from an asset held for 12 months or longer typically refer to long-term capital gains. These gains occur when the asset is sold for more than its purchase price, and they are subject to long-term capital gains tax rates, which are generally lower than short-term rates. The holding period of over 12 months is significant because it qualifies the gains for these favorable tax rates, encouraging long-term investment.
Is venture capital long or short term?
Venture capital is long term.
How is futures trading taxed?
Futures trading is taxed as either capital gains or ordinary income, depending on how long the futures contract is held. Short-term gains are taxed at ordinary income rates, while long-term gains are taxed at capital gains rates. Additionally, futures traders may be subject to the 60/40 rule, which allows 60 of gains to be taxed at the lower long-term capital gains rate and 40 at the higher short-term rate.
Is dividend ordinary income?
Most dividends are. However, long term capital gains distributions from a mutual fund are capital gains. Liquidating dividends and return-of-capital dividends can be capital gains. And, to make matters more confusing, some dividends, knows as "qualifying dividends," are taxed at long term capital gains rates even though they are not capital gains.
What is the difference between long term and short term capital gain?
The main difference between long-term and short-term capital gains is the length of time an asset is held before it is sold. Short-term capital gains are profits made on assets held for one year or less, while long-term capital gains are profits made on assets held for more than one year. The tax rates for these gains also differ, with long-term gains typically taxed at a lower rate than short-term gains.
