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Old 05-08-2008, 10:41 PM
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Capital Gains Tax

What is the name of your state? PA

How does capital gains tax work?
Last edited by lolla; 05-08-2008 at 10:43 PM. Reason: didn't write the question
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Old 05-09-2008, 05:40 AM
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Posts: 41,434
Quote:
Originally Posted by lolla View Post
What is the name of your state? PA

How does capital gains tax work?
You really need to do a google search on that and read up on it. There is not a simple one sentance answer to that. However.....here is a very simplistic idea.

Capital gains and losses are reported on schedule D. They are gains and losses from the sale of capital assets....property, stocks and bonds, etc.

Losses offset gains. Long term gains (one year or more) are usually taxed at 15%, and short term gains (less than one year) are taxes at your marginal tax rate.
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