Sandy Barrett, EA, has a B.S. in English and Psychology and a Masters of Education. She began preparing taxes professionally in 1992 and became an Enrolled Agent in 1997. She is a graduate of NAEA's National Tax Practice Institute and a Certified Senior Advisor. She taught NATP's 1040 and 1040 Extras Workshops for several years. She is a series 6/63 Registered Representative. She is currently serving on the Arizona NATP Board of Directors as newsletter editor, and she owns a tax practice in Sedona, AZ, where 90% of her clients are small business owners.

Personal Finance > Taxes Zero percent capital gains tax rules for 2008 explained

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This is the year of the much touted 0% capital gains rate. So, this is the time to sell all those assets that have appreciated for years and that you haven't sold because you didn't want to pay taxes on them, right?

Well, not exactly. Many taxpayers will be taxed at 15%. Some will have part of their gains taxed at 0% and some at 15%. A very few will qualify to have all their capital gains taxed at the -0- rate.

Basically, the capital gains tax , applicable only to long-term capital gains (gains on assets held longer than one year), will be applied as it was in 2007, but substituti...

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