R. Klein, EA
263 satisfied customers
Over 20 Years experience in resolving tough tax cases
173 satisfied customers
As an Enrolled Agent you can be ensured of my competence in income tax matters.
130 satisfied customers
Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation
77 satisfied customers
Over 22 years of tax preparation experience.
Certified Public Accountant (CPA)
55 satisfied customers
Seasoned professional with over 15 years in public accounting. Income, sales and property tax. Also accounting/tax software.
37 satisfied customers
Experienced in business, accounting and tax planning for individuals, small/medium sized businesses and non-profit organizations
CPA, PFS, CGMA
11 satisfied customers
Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant
< Previous | Next >
Under the US tax code, the profit made by selling assets can be taxed at a lower rate than normal income. The capital gains tax rate is used to separate this kind of income from the rest of your taxable income. Any time you decide to sell an asset, you are making a tax decision and should consider the tax implications.
An asset owned for less than a year is considered short term, and any profit made is taxed as normal income. If you have owned it for over a year, you can use the better tax rate for capital gains.
The tax rate paid on capital gains is dependent upon the taxpayer’s bracket.
If you sell assets at a loss, capital gains can be offset with up to $3,000 in capital losses. If your losses exceed the $3,000 limit, the excess can be held and used to offset gains in later tax years.
Depending upon your tax bracket, you’ll need to strategize differently when selling your assets to make the best use of capital gains rates. If you need help cutting through the confusion of the US tax code, you can trust the tax experts on JustAnswer to get you the information you need to save money on your returns.
I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...Matteson, IL
I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.Chesnee, SC
Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.Minneapolis, MN
Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.Hesperia, California
This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!Los Angeles, CA
Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.Hesperia, CA
< Previous | Next >
Before you ask your question about the capital gains tax rate, you should have the following information ready:
With this information, the Expert should be able to give you the best advice for your situation.