What is the capital gains tax rate?
An example of an AI chatbot conversation about capital gains tax rates and their implications.
What is the capital gains tax rate?
The capital gains tax rate varies depending on your income and how long you've held the asset. Long-term gains are usually taxed at a lower rate than short-term gains.
What are the current rates for long-term and short-term capital gains?
As of 2023, long-term capital gains rates are typically 0%, 15%, or 20%, while short-term gains are taxed as ordinary income.
How do I calculate my capital gains?
To calculate capital gains, subtract the purchase price (plus any associated costs) from the selling price of the asset.
Are there any exemptions or deductions I should know about?
Yes, there are exemptions like the primary residence exclusion, which allows you to exclude gains from the sale of your home under certain conditions.
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