What is capital gains tax?
An example of an AI chatbot conversation about capital gains tax and its implications.
What is capital gains tax?
Capital gains tax is a tax on the profit made from selling an asset, like stocks or real estate.
How is it calculated?
It's calculated by taking the difference between the selling price and the purchase price of the asset.
Are there different rates for short-term and long-term gains?
Yes, short-term gains are usually taxed at ordinary income rates, while long-term gains have lower rates.
What are some strategies to minimize capital gains tax?
Some strategies include holding assets longer, using tax-loss harvesting, or investing in tax-advantaged accounts.
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