Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.Capital gains are taxed differently depending on whether your investment is considered long-term or short-term. Short term gains are taxed as ordinary and would be your regular rate of tax.Long term gains are taxed at either zero percent, 15%, or 20%, depending on your marginal tax bracket.If you are single then your rate will be 25%. SO your CG rate would be 15%.
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I'm not sure what constitutes long-term or short-term. I trade options which are held for up to 2 months, Is that a short or long term gain?