What happens if you have both short-term capital gains and losses?
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mackenzie
Apprentice
Joined: 23 Mar 2008
Posts: 2
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 Posted: 07/19/08 - 05:19 Post subject: |
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| Is there anyone here with some knowledge of capital gains tax? I would like to hear from you in that case. I know that if a husband and wife own a property together then they can both claim the discounted annual amount to make up for a larger amount, and thus end up very little tax. But what happens if you both have short term gains and losses? |
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ulrick
Apprentice
Joined: 26 Apr 2005
Posts: 8
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| Posted: 08/18/08 - 03:33 Post subject: |
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| I have always understood that the short term capital gains and the short term losses cancel each other out in very definite ways. Besides that you also need to take into account that the short term gains are taxes as normal income tax. For any other information, please contact the Internal Revenue Service. |
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