Capital Gains Tax
By Mike Grimmett on May 13, 2008 in Tax Tips | comments(0)
A capital gains tax is charged, so to speak, on capital gains…go figure. In other words, it’s a tax calculated by the profit gained by selling a non-inventory asset which was purchased at a lower price. No you don’t owe capital gains tax on the Snickers Bar you sold your buddy for lunch.
Continued
