Are there any personal exemptions/deductions for capital gains tax?

Answer 1

You must add capital gains to your other incomes from all sources like salary, interest, dividends, self employment income. Then deduct applicable standard deduction and exemption deductions. Then you pay tax on the remaining income.
(Thus if you have no other income except capital gains, then deduct standard and exemption deduction and then pay tax on the remaining amount.)

If you have long term capital gain, then figure tax using tax table as well as by taking into consideration long term capital gains tax rate. Out of these two tax amounts, pay the lesser one.

Answer 2

Nope, nothing special. You get your normal standard deduction/itemized deductions whether you have capital gains or not, and you also get your personal exemption as well. If you've held it for more than 1 year, it becomes long-term gain and what you do get is a lower tax rate for capital gains, maximum rate is 15% and 5% if your tax rate is either 10 or 15% (2008 the rate will be 0% instead of 5% for the people in the 10 or 15% bracket). Short term gain is taxed at your regular tax bracket rate.

Answer 3

If the investment was held for more than a year, it's long term and is taxed at a lesser rate. If you re-invest within a certain time frame for certain types of investments there is no tax. Too many variables to give lots of details.