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.