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What are the Tax Implications for Short Term Gains and Losses?
by Bryan_Carey | Jan 14 '02
Short- term gains and losses apply to assets held less than 1 year and they generally carry a higher rate of tax than long- term gains and losses.

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Comments on What are the Tax Implications for Short Term Gains and Losses?" (3 total)

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Re: Great summary (Reply to this comment)
by Bryan_Carey
Yes, I probably should have mentioned that. I wrote another review earlier this month, in the category "What is a capital loss?", where I talked about the carry forward features of capital losses.

Jan 15 '02
9:09 am PST

Great summary (Reply to this comment)
by vplite
This was an excellent short summary of an issue that confuses many people.

I know the focus of the article was on capital gains, but it is probable worth mentioning that a net capital loss of up to $3000 can be used to offset ordinary income in the current tax year. Losses in excess of $3000 can be carried forward to future years to offset capital gains and ordinary income, again up to $3000.

Jan 15 '02
8:57 am PST

I'm reading... (Reply to this comment)
by Mom2TyZick
even if I don't completely understand!! How about I just send you my taxes and YOU do them for me??? Seriously though, this tax series you are doing is very timely and helpful. Thanks for the much needed info!

Suzanne

Jan 14 '02
7:58 pm PST