What are short term gain tax implications ?

[WorldNumberOne]

Say you jump in and buy something today , sell 4 days from now taking profits ?

Is it just whatever income tax rate you normally pay ?

Is it a set amount ?

Seems like a few of you guys get in and out within a few days or weeks on some of your plays .

 

[Hitman26]

Adds to your income and goes in your tax bracket.


Unless you are in the lowest 2 tax brackets then I think you don't have to pay any (not sure on this).

 

[WorldNumberOne]

Werent short term gains taxed at 35 % at one time ?

Were there some rule changes ?

 

[snoop]

I really hate this short-term tax rule shit. You have to report all the gains but when you have losses you can only deduct a max $3,000.00 then carry over the rest.

 

[ThreeKings]

If you have net short term capital gains, they are taxed as ordinary income. So whatever bracket you are in they are taxed at that rate.

 

[SmallDaddy]

If you have net short term capital gains, they are taxed as ordinary income. So whatever bracket you are in they are taxed at that rate.

So what is taxed at 15%?

Anything... nothing???

 

[SpreadDestroyerr]

So what is taxed at 15%?

Anything... nothing???

Long term (held over 1 year) cap gains.

 

[ThreeKings]

Short term gains are taxed as ordinary income so whatever bracket you are in they are taxed at that rate. So it could be 10, 15, 25, 28, 33 or as high as 35% plus state tax.

Long term gains are taxed at 15%, unless you are in AMT. Also long term gains when you are in the 10 or 15% bracket are taxed at 0% for tax years 2008 to 2010.

Look for long term capital rates to go to atleast 20% in 2011 and after.