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Scott Thomas, ChFC®, CAP®, CKA®, RICP®

Have Your Advisors Told You About New Tax Law and Capital Gains?

Have Your Advisors Told You About New Tax Law and Capital Gains?

 

It is possible for many to harvest some capital gains in 2018 at ZERO Tax.  The calculations did not work like this in 2017.  It is possible for individual to sell as much as $52,000 and pay zero tax.  It is possible for married couple to sell as much as $103,000 and pay zero tax.  Amounts above would start to be taxed at 15% for only the portion above the free limits. Higher levels taxed 20% plus 3.8%.

 

The graphs below assume no other income sources and over age 65.

 

single case

 

married couple case

 

There maybe other income sources to reduce the amount of 100% tax free however getting clear on this issue could allow you better decision to sell and either reposition assets or buy back same or similar asset and increase the tax basis for future sale. We can help you quickly determine the exact amount. Scott@stewardshipmatters.net

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Check the background of this financial professional on FINRA's BrokerCheck