Respectfully tazinu- on Long/Short Term Gains from Stocks
I don't portend to be a CPA but I can assure you that that the tax laws have changed with respect to the capital gains enjoyed on a stock. Most likely for short term trades under 1 year - you will be taxed at ordinary income now - for example- if you are currently in the 28% tax bracket based on your adjusted gross income including the income made off short term capital gains- you would pay 28% in taxes on your income (and thus, on those stock gains.)
Those who are in a very low tax bracket (after expenses per say) benefit greatly from this tax change
Consequently- the higher your bracket - the more tax percentage you pay -
For LONG TERM - (hold the stock for 366 days or more)- the tax can be 15% 20% or even not at all
When a gain is short-term, it is taxed at the exact same rate as your ordinary income. A long-term gain, however, can be taxed at 15%, 20% or not taxed at all depending on your regular income tax bracket.
The 20% capital gains tax rate applies to taxpayers whose earnings put them in the highest federal income tax bracket (39.6%). You’ll pay a 15% long-term capital gains tax rate if you’re in the next four lower tax brackets: 35%, 33%, 28% and 25%.
And if your income falls into the two lowest tax brackets — 10% and 15% — some or all of your capital gains may not be taxed at all.
TAX RATE on SHORT TERM traders---
Single filers
Tax Bracket
Income Range
10%
$0-$9,325
15%
$9,326-$37,950
25%
$37,951-$91,900
28%
$91,901-$191,650
33%
$191,651-$416,700
35%
$416,701-$418,400
39.6%
$418,401 and above
DATA SOURCE: IRS.
Married filing jointly
Tax Bracket
Income Range
10%
$0-$18,650
15%
$18,651-$75,900
25%
$75,901-$153,100
28%
$153,101-$233,350
33%
$233,351-$416,700
35%
$416,701-$470,700
39.6%
$470,701 and above
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