Capital Gains Tax

Capital gains and capital losses are reported on Form 1040 Schedule D. Capital gains tax rates and capital losses occur when you sell an investment or capital asset such as stocks, bonds, buildings, land, or other real estate or investment property. Losses on personal use property are not deductible.

A capital gain or a capital loss is the difference in your selling price and purchase price which is your original cost less any commissions or closing costs.

Capital gains and capital losses are classified for tax purposes as either long-term or short-term . If you hold the property or asset for longer than one year before you sell  it, then you have a  long-term capital gain or loss which is subject to a capital gain tax if you have a profit.  If you hold a capital asset  for one year or less, then you have a  short term capital gain or loss.  To calculated the exact holding period, you should  begin counting the day after you acquire the asset or property and end the day you sell or dispose of the property.

You must report on Schedule D your capital gains property, your short term gains and losses in one section and your long tern gains and losses in another section.Before calculating your capital gain taxes, you must net all your losses and gains together.

If you have a net long term taxable gain, then your capital gain is currently taxed at a maximum capital gains tax rate of 15% or lower regardless of your current tax bracket.
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If you have a net short term taxable gain, then the gain is taxed at your current tax rate.

If you have a net long term loss, then the loss is deductible up to an annual amount of $3,000 for married filing status and $1,500 for married filing separately. This loss offsets your other income dollar for dollar and lowers your taxable income.

If you have a net short term loss, then this loss is also deductible against other income limited to $3,00 a year.

Beaware that if your losses exceed $3,000, then the excess losses can be carried over to future years.

Gifts to children of stocks or property can result in capital gains and capital losses taxable at a zero tax brackets due to their low level of income.