Originally Posted by
JohnnyIrishXM
Yes the $1000 profit minus your commissions on buy and sell will be taxed at ordinary income if held less than 1 year.if held over a year it will either 10% or 15% dividend rate depending on your tax bracket...hope this helps..
P.S. their is a wash rule,but that only applies to losses,so you can't lock in losses for the year...the rule is if you sell at a loss and buy another like investment in the next 45 days it is considered as if you never sold for the loss...Uncle Sam is great aren't they....LOL
But as always with tax ?'s check with your preparer...