Capital gains are subject to federal capital gains tax rates and state income taxes. Most states will tax your gains as ordinary income, but be sure to check the current tax laws of your state. Federal rates are the type of asset and how long you have owned the asset. Short term gains are for assets held one year or less. Long term gains are for when the asset was owned for more than a year.
. There are also separate rules and rates for collectibles, small business stock gains and real estate property that is a main home. Like all tax laws, the rules and rates are subject to change. For a capital gains calculator visit: http://www.moneychimp.com/features/capgain.htm
