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Massachusetts Fishing Reports >
CAPITAL GAIN TAX: WHAT IT IS, HOW IT WORKS, AND CU
CAPITAL GAIN TAX: WHAT IT IS, HOW IT WORKS, AND CU
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Feb 19, 2025
4:55 AM
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Capital gain tax arises on the transfer of any capital asset during the current financial year. There are two types of capital assets—short-term and long-term capital assets. Any capital asset that is held for less than 12 months is treated as a short-term capital asset. Whereas any capital asset that is held for more than 12 months is treated as a long-term capital asset. The current rates of capital gains are 0%, 20%, and 15%. For understanding the concept of capital gain, an example is given: if a person buys land for $300,000 and later sells it for $700,000, the difference of $400,000 shall be taxed as capital gain on the transfer of such land. It is important to file taxes accurately when dealing with capital gains to ensure proper reporting and to avoid any penalties. Consulting a tax professional can help in filing taxes correctly and making sure all capital gains are appropriately accounted for.
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