Re:IRS Free File: Do Your Taxes for Free
by daveguy on Saturday January 21, 2023 @09:16AM
(#34466551)
If you held it for over year. Otherwise it's income of sale price - cost basis. Don't know about fees. I'm not an accountant, but I do know you have to hold an asset for at least 1 yr to count it as capital gains.
[ Parent
| on HN ]
> I do know you have to hold an asset for at least 1 yr to count it as capital gains.
That is not true. Perhaps what you mean is that capital gains on assets held less than a year are taxed at a different rate than capital gains on assets held longer than a year?
Don't mean to get pedantic but I didn't want someone to read your comment and think that they owe no taxes on short-term capital gains. (What a crazy tax incentive that would be!)
Re:IRS Free File: Do Your Taxes for Free
by EVa5I7bHFq9mnYK on Sunday January 22, 2023 @08:35AM
(#34477206)
less than a year is called short term capital gains, it's basically same as ordinary income, except can be negative )