Generally, capital gains and losses occur when you sell something for more or less than you spent to purchase it.
Capital gains occur on any asset sold for a price higher than the purchase price
Capital losses occur on any asset sold for a price less than the purchase price
All taxpayers must report gains and losses from the sale or exchange of capital assets.
California does not have a lower rate for capital gains. All capital gains are taxed as ordinary income.
0 percent: $0 to $39,375. 15 percent: $39,376 to $244,425. 20 percent: $244,426 or more.
Please contact the office of Don Fitch Accountancy at (760)567-3110 or Email Don.Fitch@CPA.com if you have any questions or would like additional information.
DON FITCH, CPA
74478 Highway 111 #3
Palm Desert, CA 92260
Toll Free: (877)CPA-Help or (877)272-4357
Cell: (760)567-3110
Fax: (760)836-0968
Email: DonFitchCPA@paylesstax.com
Website: https://www.paylesstax.com
P.S. My firm is based upon referrals. Please feel free to refer my firm to anyone you know that is looking for a new CPA and/or tax preparer. Thank you in advance.
(Updated 03/25/2021 08:05)