<prompt> Human: My colleague is telling me theres a difference between the capital gains tax rates if you hold an asset for greater than 5 years, than if you hold it for greater than 1 years. Never heard of that before. My understanding has always been 1 year ordinairy income, 1 year long-term capital gains rate based on your tax bracket. Any idea what hes talking about?  <response>: Im only aware of more then 1 year making a difference too. I think hes misinformed. 