However, we both agreed that because we have never lived in-town before,we would rent for the first yearas opposed to buying a home in the city. The houses in the area we are going to be renting are almost twice as expensive as the suburbs we currently live in. We want to make sur...
Short-term capital gains, defined as those realized within one year of the taxpayer’s acquisition of the asset, are taxed as ordinary income, while long-term capital gains, defined as those realized at least one year after acquisition of the asset, are taxed at rates that are generally ...