Business and Personal Finance Dictionary

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• LONG-TERM GAIN (OR LOSS)
  
  When you sell an asset, such as a security or real estate, that you have held 12 months or longer, any money you make on the sale is considered a long-term capital gain. If you lose money on the sale, you have a long-term capital loss.Long-term gains are taxed at 20% for people in the 28% tax bracket and higher, and at 10% for those in the 15% bracket. Long-term losses are deductible against long-term gains. Each year, you can also usually deduct up to $3,000 of your long-term losses against your ordinary income.
  
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