Tax Stocks
Is there a new tax rate of stocks sold for capital gain?
I believe it used to be that when you sold a stock you have owned under one year it is taxed at your normal income tax rate. If it was held over a year it was taxed at 15%. I have recently been told that has changed.
I was told it is now 18% if sold before 365 days of owning it and 15% if sold over 365 days of owning it. Is this correct? If not what are the correct rates?
Thanx!!
What information do I need to know to determin my marginal rate? I am confused as to how to figure out what tax percentage I will pay if I sell a stock I bought under 1 year ago.
There is no change, at least not for this year. Short term gains (one year or less) are taxed at your marginal rate. Long term gains (over one year) are taxed at 15% unless your marginal rate is 15% or less when they’re taxed at 5%.
Tax Tuesday: Claiming stocks