Per Diem Rates from the U.S. General Services Administration
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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
What is Your Holding Period?
Your holding period is important because it can affect the amount of taxes you pay on the gain from a sale or exchange of a capital asset, such as stock in corporation.
Lower capital gains rates apply to long-term capital gains on capital assets held over one year. In contrast, ordinary income tax rates apply to gains on capital assets held one year or less (short-term capital gains).
In addition to short-term capital gains, ordinary income tax rates also apply to income such as wages, self-employment income, pension income, the taxable portion of social security income and interest.
Tip: If your ordinary tax rate is lower than the capital gains rate, the lower rate applies.
How to Determine Your Holding Period
The date your holding period begins depends on:
- When you acquired property, and
- How you acquired property (e.g., gift, inheritance).
Date Holding Month Begins:
- You figure a holding period in months and fractions of months.
- A holding month generally begins on the day after the asset was acquired.
- For example, if you acquired an asset on May 7, the holding month begins on May 8.
Succeeding Holding Months:
- Succeeding holding months for the same asset begin on the same numerical date.
- For example, you purchased ABC stock on May 7.
- The holding period begins May 8, the day after the date of acquisition.
- Succeeding holding months for ABC stock would be, June 8, July 8, August 8, September 8, and so on; the same numerical date the holding period began, May 8.
Keep in mind, the number of days in a preceding month does not affect the numerical beginning date (i.e. the 8th) used in a succeeding month.
Date of Ending Holding Month:
- Generally, you use the same numerical date you acquired an asset as the numerical date ending a holding month in each succeeding month.
- For example, if you acquired an asset on May 7, the holding month would begin May 8, (one day later).
- However, the numerical date ending a holding month in each succeeding month would be June 7, July 7, August 7, September 7, and so on, the same numerical date you acquired the asset.
Again, the number of days in a preceding month does not affect the numerical date ending of a holding month.
Acquiring an Asset on the Last Day of a Month
If you acquire an asset on the last day of a month, a holding month ends on the last day of the following month, regardless of the number of days in each month.
For example, if you acquire an asset on November 30, the holding months end December 31, January 31, February 28 (or 29 in a leap year), and so on.