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Plan Your Capital Gains

06 Jul Posted by in Newsletters | Comments
Plan Your Capital Gains
 

capital gainsYour summer portfolio review may reveal opportunities for tax planning. Here are capital gain rules to consider.

* You have a capital gain when the amount you sell an asset for exceeds your basis in that asset. Capital gains can be offset with current year capital losses as well as losses you carry forward from prior years.

* For 2015, capital gain tax rates range from zero to the highest personal federal income tax rate. Your capital gains may also be subject to the 3.8% net investment tax. The actual rate depends on how long you own an asset, the type of gain, and your federal income tax bracket.

* Assets you’ve owned a year or less when you sell are “short-term” and are taxed at regular income tax rates.

* Assets you sell in 2015 after owning them more than a year are generally subject to a 15% or 20% tax rate. You may qualify for a zero percent rate – no tax at all on the gain – when you’re married filing jointly with taxable income of $74,900 or less ($37,450 for singles).

Please call to discuss how managing your capital gains can benefit you.

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