What are capital gains taxes?
An example of an AI chatbot conversation about capital gains taxes and their implications.
What are capital gains taxes?
Capital gains taxes are taxes on the profit made from selling an asset, like stocks or real estate.
How are capital gains calculated?
Capital gains are calculated by subtracting the purchase price from the selling price of the asset.
Are there different rates for short-term and long-term capital gains?
Yes, short-term capital gains are taxed at ordinary income rates, while long-term gains are taxed at lower rates.
What exemptions exist for capital gains taxes?
Exemptions can include the primary residence exclusion and certain retirement accounts.
How can I minimize my capital gains tax liability?
You can minimize capital gains taxes by holding assets longer, utilizing tax-loss harvesting, or investing in tax-advantaged accounts.
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