182. CAPITAL GAINS TAXES

In 2003 the maximum rate on the net capital gains rate of an individual (net long-term capital gains less net short-term capital losses) went to 15 percent. Net capital gains previously taxed at 10 percent will be taxed at 5 percent.In order to qualify for long-term capital gains treatment, property must be held for more than 12 months.

In 2008, the capital gains tax for gains taxed in the lowest tax bracket (5 %) will be reduced to zero.

Taxes on capital gains will change with the new administration in 2010.

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