Remember capital gains or losses at tax time

Radio Transcript, 60 seconds, for use during week of Jan. 14.

This is an Invest Wisely minute brought to you by Iowa State University Extension.

Remember capital gains or losses at tax time. And consider that there is a difference between a long-term capital gain or loss, and a short-term gain or loss. 

Long-term means you have owned the asset for more than 12 months. For taxpayers in the lowest two tax brackets, these gains are taxed at 5 percent in 2007.  All other taxpayers pay 15 percent.

Short-term gains or losses occur if the asset is held for 12 months or less and then sold. Short-term gains are taxed the same as regular income.

Invest Wisely comes from Iowa State University Extension through a grant from the Investor Protection Trust providing investor education on the web at investorprotection.org.

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