What is the capital gains tax rate for assets held longer than one year?

The capital gains tax rate for assets held longer than one year is typically classified into different brackets based on the taxpayer's income level. In general, the rates for long-term capital gains can indeed be either 15% or 20%. Most taxpayers fall into the 15% bracket, which applies to those with income below a certain threshold. However, higher-income earners may be subject to the 20% rate due to the progressive nature of the income tax system.

Additionally, there are certain situations, such as the sale of collectibles or certain real estate transactions, which may trigger different rates, like 25% or 28%. However, the standard long-term capital gains rates for the majority of taxpayers remain focused on the 15% and 20% levels. Therefore, the correct answer accurately reflects the rates applicable to most long-held assets sold for a profit.