"sligo" <sligo[at]cox.net> wrote:

- quote -

If your sale is long term (held over a year) and was sold
prior to May 6, 2003 it is taxed at 20% unless you are in
the 15% of lower bracket, and then 10%, and if held ove 5
years, 8% if in the 15% of lower bracket. If it was sold
after May 5, 2003 and long term it is taxed at 15% unless
you are in the 15% or lower bracket, then 5%. No 8% for
sales after May 5, 2003. Qualified Dividends are taxed at
15% all year unless you are in the 15% or lower bracket,
then 5%. 25% and 28%gains are taxed at those percentages
(25%, 28%)or your tax bracket if lower. Short term gains
ara taxed at your tax bracket. If you want to see how the
IRS expects you to calculate this go to:

http://www.irs.gov/taxpros/lists/0,,id=97784,00.html

and download the Draft Form of Schedule D, or worse yet, if
you have 25% or 28% gains you'll need the Schedule D Tax
Worksheet-Line 53. The IRS just figured it out on July
15--too late to figure your second installment, which should
be considerable lower on the AI method (or 90% of current
year's tax) than last year or your first installment. Have
fun.

Ed

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What are the laws for short and long term cap gains for tax
year 2003?

Thank you,
Seamus J.. Wilson

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