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#1
07-23-2004, 05:44 AM
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 Re: Capital Gains Impact? lbohen[at]audiobooksonline.com posted: - quote - > I have owned a few rental condos since 1985
The long-term capital gains tax rate is currently 15%.> and am considering selling them this year. I > will have significant capital gains on each one. > I believe the capital gains income tax rate is > 15%. > Is the capital gains calculated in any way such > that it will increase my total income and > therefore likely put me in a higher tax bracket? If you are selling multiple properties which you have owned since 1985, you probably took depreciation for the past 18 years. This will be an issue in calculating your gains. The actual calculation of taxes will wind up on Schedule D (the back, on a paper form). But, depending on your total income and other issues, it may have significant impact on your taxes. It's not just the "higher bracket" -- it could also involve AMT (Alternative Minimum Tax). IMO, it would be advisable to consult a professional regarding your 2004 tax return -- and it might be better to do so _prospectively, on a planning basis right now ... so your actions can be modified by the tax implications, if desirable. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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07-23-2004, 05:06 AM
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| Re: Capital Gains Impact? - quote - > I have owned a few rental condos since 1985 and am considering selling them
It could!!! Capital gains are taxed at varying rates.> this year. I will have significant capital gains on each one. I believe the > capital gains income tax rate is 15%. > Is the capital gains calculated in any way such that it will increase my > total income and therefore likely put me in a higher tax bracket? Remember, however, that some of the proceeds can be taxed at ordinary rates. "Jack" - John H. Fisher - TaxService[at]aol.com Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html Where Ignorance is bliss, 'tis folly to be wise!=  << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-21-2004, 06:36 AM
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| Capital Gains Impact? I have owned a few rental condos since 1985 and am considering selling them this year. I will have significant capital gains on each one. I believe the capital gains income tax rate is 15%. Is the capital gains calculated in any way such that it will increase my total income and therefore likely put me in a higher tax bracket? Thank you -- Larry Bohen www.audiobooksonline.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| capital, gains, impact |
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