Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-01-2008, 01:43 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,401
Blog Entries: 3
What are the Capital Gains Tax Rates in 2007?

The Capital Gains Tax Rates for 2007 depends on a number of factors. It depends on the Type of Capital Asset and the Hold Period.

1. Stocks sold with Short-term capital gains (STCG)
With Holding period of "One year or less"
Tax Rate is = Ordinary income tax rates up to 35%

2. Stocks sold with Long-term capital gains (LTCG)
With Holding period of "More than one year"
Tax Rate is = 5% for taxpayers in the 10% and 15% tax brackets
Tax Rate is = 15% for taxpayers in the 25%, 28%, 33%, and 35% tax brackets

3. Collectibles
Collectibles include the following items such as rare stamps,rare coins, precious metals,precious gems,rare rugs, antiques, family heirloom, and fine art.

Collectibles sold for a profit with Holding period of less than 1 year are taxed as short-term capital gains at your ordinary income tax rates.

Collectibles sold for a profit with Holding period of more than 1 year are taxed at a flat 28%.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What are the Tax Rates for 2007 for all the filing status? TaxGuru Miscellaneous 0 03-01-2008 01:22 PM
Will Capital Losses on investment property be offset against Gains from Stock trades? Tanya Capital Gains 0 11-05-2007 11:24 AM
How long to wait to avoid higher capital gains tax? debby Capital Gains 1 09-28-2007 08:55 AM
write offs on capital gains on second home lhawkins Capital Gains 2 07-30-2007 04:05 PM
Tax Facts About Capital Gains and Losses Samatg General 0 02-17-2007 03:05 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning