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.I'm pretty sure the 12% tax applies to all short-term gains. Line 10 of Mass. schedule D ("short-term capital gains") asks you to enter items from lines 1, 2, 4 & 5 of column F, U.S. 1040 schedule D. Instructions for 1040/D say you should "Enter all sales and exchanges of capital assets, in cluding stocks, bonds, etc., and real estate (if not reported on Form 4684, 4797, 6252, 6781, or 8824). But do not report the sale or exchange of your main home unless required."So, unless the house is your main home/primary residence, and it doesn't get reported on one of the other forms, it seems to me that its sale would fall under the usual capital gains tax treatment.FYI, The 2005 Mass. long-term rate was the same as income tax, 5.3%.Puss
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