2007-01-08 09:38:17 · 4 answers · asked by patrick b 1 in Business & Finance ➔ Taxes ➔ United States
That depends on whether the gains are considered long term or short term. It also depends on your marginal tax rate as well.
2007-01-08 10:39:15 · answer #1 · answered by jseah114 6 · 1⤊ 0⤋
First, I believe you mean Capital Gains. The IRS does not recognize the term collectible gains. If you sold collectibles for a profit, you have capital gains. If your gains are considered short term, they are taxed as regular income. If they are long term, they are taxed at lower rates, but the rates still varies based on your total income. The link below is the best answer I found on the IRS site.
2007-01-08 20:35:41 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
If long term, is a maximum of 28%. If your bracket is lower, then it's whatever your bracket is. See IRS Publication 17, the section on reporting gains and losses. There's a table there for the various capital gains rates, and the table has a line that reads "collectibles gain".
2007-01-08 22:26:28 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
28%, I believe
2007-01-08 17:46:32 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋