Tax liabilities and profits from stock sales
I bought some stock in 12-05, what is the tax liability for a gain if I sell it now after more than a year of holding it--long term versus short term tax brackets?--(What is the cut off and the amount or percentage of tax liability vs. the amount of time of holding it.) I had heard that if less than 1 year, the tax was 40%, after a year the tax is 30%.
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