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Politics : Formerly About Advanced Micro Devices
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To: Hans de Vries who wrote (91903)2/7/2000 3:19:00 PM
From: ptanner  Read Replies (2) of 1576882
 
hans <In the Netherlands and other countries in Europe there is no capital gain tax. Here there is however. Now how does work?>

Capital gains taxes are due only on the net proceeds of a stock transaction. If you don't sell, then the taxes are deferred. There are two types of capital gains: short-term (less than one year) and long-term. Short-term gains are taxed at a rate equal to the income tax rate while long-term gains are at a lower rate. Capital losses can offset ordinary income (up to $3,000/year) but otherwise must be balanced against capital gains and can be rolled over to later years.

Your reference to the Dec 31 date is relevant in that if a position is sold one day later then it is part of the next tax year. Taxes would then be due as part of estimated taxes on April 15 rather than Jan 15 or if relatively small would be deferred up to a year later. At the end of the year, some investors sell some losing positions to balance out their other gains; however, you cannot re-enter the same position (stock) within 30 days or it is a "wash sale." However, you could sell AMD and buy Intel to maintain similar exposure.

I am sure others can add more and perhaps correct any errors. I trade in a self-directed IRA (Individual Retirement Account) so all taxes are deferred.

PT
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