Question 1

What are the 2025 long-term capital gains tax rates?

Accepted Answer

For 2025, long-term capital gains (assets held over 1 year) are taxed at 0% for single filers with taxable income under $48,350, 15% for income between $48,350-$533,400, and 20% for income above $533,400. MFJ thresholds are roughly double.

Question 2

What is the Net Investment Income Tax (NIIT)?

Accepted Answer

NIIT is a 3.8% tax on investment income (including capital gains) that applies when your MAGI exceeds $200,000 (single) or $250,000 (MFJ). It is in addition to regular capital gains taxes.

Question 3

What is a wash sale?

Accepted Answer

A wash sale occurs when you sell a security at a loss and buy the same or substantially identical security within 30 days before or after the sale. The loss is disallowed but added to the basis of the replacement shares.

Question 4

How is short-term capital gains taxed?

Accepted Answer

Short-term capital gains (assets held 1 year or less) are taxed as ordinary income at your marginal tax rate, which can be as high as 37% for the highest bracket in 2025.

Question 5

What is the capital loss deduction limit?

Accepted Answer

If your capital losses exceed your capital gains, you can deduct up to $3,000 ($1,500 if married filing separately) against ordinary income. Excess losses carry forward to future years indefinitely.

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