Kathy Kristof for Kiplinger writes: Selling triggers taxes, but investors can trim the amount they pay to Uncle Sam with some tax-wise planning. Here are five things you need to know:
#1. Capital-gains rates for the wealthy are up. The tax rate on profits from assets held more than one year jumped from 15% in 2012 to 23.8% in 2013 for singles with adjusted gross income of $400,000 or more ($450,000 or more for married couples). Single investors with AGI of $200,000 to $400,000 and married couples with AGI of $250,000 to $450,000 are also paying more, at an 18.8% rate. Advice: If your income approaches one of these thresholds, figure the tax hit before triggering gains. Taking gains in years in which you have less income or more deductions could save a bundle. [snip] The article continues @ Kiplinger, click here to continue reading.
Monday, May 5, 2014
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