posted
does the cuts just passed by Bush pertain to quick flippers or do you have to hold the stock for over a year to benefit. Also for example. if i bought a stock for 10,000 and profited 10% how much would be taken out for taxes. thanks in advance.
Posts: 22 | From: los angeles | Registered: Aug 2005
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posted
its not a new tax cut. the longterm capital gains rate is already 15% from bush's previous big tax cut. they are just extending it. the 15% applies to longterm capital gains(longer than one year holding period) and qualified divs. i think the rate is actually 10% for the lowest tax brackets, not sure though. taxes aretn' taken out of your trade. you just figure 15% tax on your longterm gain when you do your return.
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003
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posted
short term gains are taxed at your ordinary income tax rate. in other words, whatever tax bracket you fall into when you do your taxes
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003
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