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captial gains tax on short-term investment returns I'm a tax-law dummy. Can anyone help me understand how to mitigate the confiscator tax rate on my short term capital gains for 1999?
Edwards Finance > Capital Gains
Q. captial gains tax on short-term investment returns I'm a tax-law dummy. Can anyone help me understand how to mitigate the confiscator tax rate on my short term capital gains for 1999?
A. -I have no idea what a confiscator tax is, but short term capital gains are taxed just like wages or interest or alimony. -You could sell stock at a loss to off-set the gains, or hold the investments for a longer time period (but it sounds like you already sold). Greater than 12 months (366 days) will get you a 20% maximum capital gains tax rate. A savings of between 8% and 19.6% below regular tax rates, which short term gains fall (12 months or less). Do you see how after-the-fact tax planning works? You have only two options. The second one is to pay the tax. -It's true, I already sold. But they were short-term investments. Even though I'm an amateur, it seems to me good thing I sold because those stocks bottomed out after I sold them. Do you know of anyway I can reduce that 40% tax rate on short-term capital gains? -If you're paying 40% on short term capital gains, then these gains, plus your ordinary income for the year (salary, interest, dividends, etc.), must be in the $275,000 and up range. Short term capital gains are taxed at the same rate as regular income, not at twice the long term rate.
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