Cap gains question

[Steve Wallace]

On Thu, Jul 17, 2003 at 12:12:37PM -0300, Jon Lapham wrote:
> 
> So, short term cap gains are considered regular income in terms of
> taxes, while long term gets the cap gains tax break?

Not exactly, two different concepts.  Although I believe in the US,
short term gains are *currently* subject to the same tax rate as
ordinary income, they are reported separately on Schedule D and are
subject to different tax rules and treatment.  Therefore short term
gains from sales need to be reported seperately from other sources of
income.

-- 
Steve "not an accountant" Wallace