I have heard that I should take the amount I sold the stock for, minus it from what it was orginally bought for and take 15% and that is what I will have to pay taxes on it. Is that true? I hope so because it is less than I thought!!!
a2m-bomb
Posted:
Member since
Re: Selling Stock and Tax Time???
The long-term (assets held over one year) capital gains tax rate is 15%.
Short-term (assets held one year or less) capital gains are taxed at the ordinary income tax rate.
If your capital losses exceed your capital gains, the amount of the excess loss that can be claimed is limited to $3,000, or $1,500 if you are married filing separately. If your net capital loss is more than this limit, you can carry the loss forward to later years.
