The Essentials of Capital Gains Tax
Capital gains tax is levied on the profit you make when you sell an asset that has increased in value. This applies to stocks, bonds, real estate, cryptocurrencies, and even collectibles. The amount of tax you owe depends heavily on how long you held the asset before selling it. Short-term gains are taxed at ordinary income rates, while long-term gains benefit from preferential, lower tax brackets (typically 0%, 15%, or 20%).
Short-Term vs. Long-Term Gains
Short-Term Capital Gains
Applies to assets held for one year or less. These profits are taxed at your ordinary marginal income tax rate, which can be up to 37%.
Long-Term Capital Gains
Applies to assets held for more than one year before being sold. The tax rates are significantly lower, ranging from 0% to 20% depending on your taxable income.
Cost Basis Adjustments
Your original purchase price (cost basis) can be adjusted by adding capital improvements (e.g., home renovations) or subtracting depreciation, which alters the final taxable gain.