Replies to post #11882 on United Western Bancorp Inc (fka UWBKQ)

[tokyopua]

I mostly daytrade so have never had a long term capital gain, but my understanding is that if you hold a stock for more than a year, if you sell it for profit it would be taxed at the long term capital gains tax of 15%.

[NotRichYet2]

Do you do your own taxes? Have you ever filled out a schedule D ?
YES - a long term capital gain is a gain on the sale of an ASSET held more than one year. If you use TURBO-TAX or some other tax program its not all that hard. On long term capital gains , the federal tax code THIS YEAR limits tax gains to NO MORE THAN 20% of the gain no matter how many MILLIONS you made elsewhere. But should you be of a lower income the tax on that gain will be lower in aline with your other taxible income. That tax break does carry into your STATE RETURN also.