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The remainder of any gain realized is considered long-term capital gain, provided the property was held over a year, and is taxed at a maximum rate of 15% for 2010-2012, and 20% for 2013 and thereafter. If Section 1245 or Section 1250 property is held one year or less, any gain on its sale or exchange is taxed as ordinary income.
Capital gains are the profit you make when you sell a capital asset (such as real estate, furniture, precious metals, vehicles, collectibles or major equipment) for more money than it cost you. The...
Those who have realized capital gains or losses from a partnership, estate, trust or S corporation will need to report those to the IRS on this form. Those with gains or losses not reported on ...
The additional $1,000 loss could then offset capital gains or taxable earnings in future years. This strategy allows you to rid your portfolio of any losing trades while capturing tax benefits.
Gains and losses under 1231 due to casualty or theft are set aside in what is often referred to as the fire-pot (tax). These gains and losses do not enter the hotchpot unless the gains exceed the losses. If the result is a gain, both the gain and loss enter the hotchpot and are calculated with any other 1231 gains and losses.
The amount remaining after offsetting is the net gain or net loss used in the calculation of taxable gains. For individuals, a net loss can be claimed as a tax deduction against ordinary income, up to $3,000 per year ($1,500 in the case of a married individual filing separately). Any remaining net loss can be carried over and applied against ...
The wash-sale rule prevents you from selling an investment at a loss, then buying a “substantially similar” one 30 days prior to the sale date and 30 days after. If you break the wash-sale ...
Basis (or cost basis), as used in United States tax law, is the original cost of property, adjusted for factors such as depreciation.When a property is sold, the taxpayer pays/(saves) taxes on a capital gain/(loss) that equals the amount realized on the sale minus the sold property's basis.