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
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%.