The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: real estate capital gains||Date: 2/10/2006 1:04 PM|
|Author: DeltaOne81||Number: 83795 of 121585|
If I was to make renovations and then decide to sell (anticipating a profit), what is the current short-term capital gains rate vs. short-term rates?
Short term capital gains rates are equal to your marginal tax rate. I.e. its taxed as regular income, and can indeed push you into a higher tax bracket. Its income like any other.
Are there local capital gains rates in Maine or Massachusetts?
Mass has a 12% tax on short term capital gains (and some collectibles), but I don't know if it applies to real estate or just securities.
Where could I look to find this info myself?
IRS publication 550: Capital Gains and losses:
Mass Department of Revenue:
Maine Revenue Services:
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