Tax Issues Question
What is the length of time for long term capital gains?
It used to be one year plus one day . . . and the it got changed about 20 years ago to be 6 months. Which is it? I'm confused!
Asked by jillybeansisme in
Tax Issues
one year ago
Answers
195 points
Informer answered one year ago …
I guess it got changed back because last time I checked it was 1 year - sell anything by or before then and you get bumped up to short term cap gains taxes.
Anyone hear different?
108 points
NeverEverLand answered one year ago …
Per the IRS;
Capital gains and losses are classified as long-term or short-term, depending on how long you hold the property before you sell it. If you hold it more than one year, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term.
