I have 2 questions:
1- I have bought a house and Car this year. What will be their impact on my taxes?
2- And I have bought large amount of stock in the beginning of this year. How long should I wait to sell them to pay minimum amount of tax
1 - the sales tax that you paid on the car may help your deductions as will the mortgage interest and property taxes that you paid on the new house. Make sure to gather the closing statements for both when entering the deductions.
2 - one year and one day. After that any profit that you make on selling the stocks will be considered 'long term' and is taxed at a lower rate.
thank you very much for your response. What are the tax rates for long term investment depending on income?