The capital gains tax is potentially applicable when a gain is realized. A gain is realized when you sell an asset that appreciated while it was in your possession and you pocket the proceeds. There are two different categories for capital gains, and they carry two different rates. The distinction is the length of time that you maintain possession of an appreciable asset before you realize a gain.
Topics covered in this report include:
- Income Tax
- Capital Gains Tax
- Inheritance Tax
- Estate Tax