Is tax different for short and long trades?
I am fairly new to trading. I would like to know how does taxation differ(if it does) for short and long term trades.
Any pointers will be helpful.
My accountant told me that here in NC they is no short or long. Suggest you check with an c.p.a. or etc?
He's talking about short term vs long term. Not being short or long. To get the discount you must have held the shares for more than a year or pay the usually rate on the far right.
While the federal government and many states tax capital gains that have been held for a longer time at a lower rate, North Carolina makes no differentiation between a long-term capital gain -- an asset held for more than a year -- and a short-term capital gain, an asset held for less than a year. As of the time of publication, your gains are taxed at 7.75 percent, which is the ninth highest rate in the nation and the highest rate in the South.