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These gains don't cause pain. A capital gain is the amount of money you pocket by selling one of your investments for more than you paid for it. Technically, capital gains only count for what's called a capital asset, but that's really just anything you own for investment purposes. Stocks and bonds obviously qualify, but your house and household furnishings can also count.
For tax purposes, capital gains are classified as either long-term (held for more than one year) or short-term (held for less than one year) and there are different tax implications for how long you hold onto a capital asset. For most long-term capital gains, you're taxed no more than 15% of the value of the asset. Short-term gains get taxed as regular income, so you pay the rate for the tax bracket you're in.
Capital gains can also be realized or unrealized. When you physically sell an asset like a stock, you've realized the capital gain. When you're holding the stock, and it has a value over its purchase price, but you're not selling it, you've got an unrealized gain, and you won't realize it until you sell.
In a perfect world, we'd all have capital gains. But no one¿s that smart or lucky. When the value of an asset at sale is below what you've paid for it, it's called a capital loss. The good news is that the government lets you count that loss against any gains you've had, lowering the taxes you pay. In fact, many people who sell a stock that has risen far over their purchase price tend to sell some stinkers, too, at the same time for the tax benefit. This is known as a capital-loss offset.
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Friday, June 06, 2008
Do Not Wait For Insurance Settlement; SBA Urges Return of Applications
Comtex
ATLANTA, June 6, 2008 /PRNewswire-USNewswire via COMTEX/ ----Victims should not wait to settle with their insurance companies before applying for disaster loan assistance. The SBA encourages victims of the April 4 storms and tornadoes in Hinds County to return their completed applications, even if they have not settled with their insurance company. Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance.
"Returning a completed SBA disaster loan application is an important step in the disaster recovery process," said Frank Skaggs, Director of SBA Field Operations Center East. "If you were issued an SBA loan application, you cannot be referred to FEMA for possible grant assistance unless you complete and return the application to the SBA."
To be considered for all forms of disaster assistance victims must register with the Federal Emergency Management Agency (FEMA) first by calling 1-800-621-FEMA (3362) or visit the Disaster Recovery Center.
The Center is located in the following community and will be open as indicated:
FEMA/SBA Disaster Recovery Center (DRC)
Hinds County
Willie Morris Library
4912 Old Canton Road
Jackson, MS 39211
Open: Monday - Thursday; 10:00 AM to 7:00 PM
Friday; 10:00 AM to 6:00 PM
Saturday; 10:00 AM to 5:00 PM (closed Sunday)
If a victim does not know how much of their loss will be covered by insurance or other sources, SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property. Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loans assistance is available regardless of whether the business suffered any property damage.
Anyone unable to visit the Center may obtain applications by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired), Monday through Friday from 8 a.m. until 8 p.m. EDT or by emailing our customer service center at disastercustomerservice@sba.gov. Business loan applications can be downloaded from the SBA website at www.sba.gov.
The deadline for physical loan applications is July 28, 2008; the deadline for economic injury applications is March 2, 2009.
For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov.
SOURCE U.S. Small Business Administration
http://www.sba.gov
Copyright (C) 2008 PR Newswire. All rights reserved
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