turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cpagreed
New Member

Are taxes due the same on capital gains and earned interest if both are held for over a year ?

I have a resell able CD. I have had it over a year. If I sell it now I will receive a long term capital gain for 90% of what I will receive in interest in a year and a half. Would I pay the same in taxes either way ?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
Carl
Level 15

Are taxes due the same on capital gains and earned interest if both are held for over a year ?

Doesn't matter how long they're held. it's taxable. (more accurately, I would say "reportable". Just because income is reportable doesn't always mean it's taxable. To many factors to consider.)

Are taxes due the same on capital gains and earned interest if both are held for over a year ?

Interest income is always taxed as ordinary income.

This is true regardless of whether the interest income is from a 90 day CD or a 24 month CD or even longer.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies