Is 2011 your last chance to position yourself for 15% capital gains?
2011 might be your last chance to position yourself for long-term capital gains eligible for the 15% maximum federal tax rate for such gains.
“With the Bush tax cuts extension expiring after 2012 and the 3.8% Medicare tax on investment income for high-income taxpayers, the federal tax rate for long-term capital gains is scheduled to increase by more than one-third!”, says Michael Gray,CPA of San Jose, Caifornia.
In its report, “The Moment of Truth”, the National Commission on Fiscal Responsibility and Reform has recommended eliminating preferential tax rates for long-term capital gains and dividends.
To qualify for the long-term capital gains rate, individuals have to hold property for more than one year, so they will have to acquire the property before December 31, 2011 in order to qualify for the 15% long-term capital gains rates before it expires after 2012.
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- Michael Gray
- Michael Gray, CPA
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