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#1
03-10-2008, 08:46 PM
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 Re: Cap Gains 2008 "Rich Carreiro" <rlc-news[at]rlcarr.com> wrote in message news:m33aqyfv8j.fsf[at]swing-shift.time-tripper.com... - quote - > "Billy" <billnospamever1234543[at]aol.com> writes:
--> > I am in 15% Tax Bracket. Does this scenario work for 2008. > > > Sell al my stock, re buy it when legally OK, since tax is zero. > There's no wash sale rule for gains. You don't have to wait to > repurchase the stock. > > I will then have a higher cost basis if the law ever reverts back to > > taxing cap gains again thus my gain would be less. > Keep in mind that the 0% rate only applies to gains falling into > the 5/15% bracket. For example, if all your other income puts > you $4,000 short of the end of the 15% bracket, and you have > $30,000 in long-term gains, only $4,000 of the gains will be > taxed at 0%, with the remaining $26,000 being taxed at 15%. > -- > Rich Carreiro rlc-news[at]rlcarr.com > Tks Rich, that makes sense, appreciate the help. << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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03-10-2008, 02:34 PM
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| Re: Cap Gains 2008 "Billy" <billnospamever1234543[at]aol.com> writes: - quote - > I am in 15% Tax Bracket. Does this scenario work for 2008.
There's no wash sale rule for gains. You don't have to wait to> Sell al my stock, re buy it when legally OK, since tax is zero. repurchase the stock. - quote - > I will then have a higher cost basis if the law ever reverts back to
Keep in mind that the 0% rate only applies to gains falling into> taxing cap gains again thus my gain would be less. the 5/15% bracket. For example, if all your other income puts you $4,000 short of the end of the 15% bracket, and you have $30,000 in long-term gains, only $4,000 of the gains will be taxed at 0%, with the remaining $26,000 being taxed at 15%. -- Rich Carreiro rlc-news[at]rlcarr.com -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
03-10-2008, 01:55 PM
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| Cap Gains 2008 I am in 15% Tax Bracket. Does this scenario work for 2008. Sell al my stock, re buy it when legally OK, since tax is zero. I will then have a higher cost basis if the law ever reverts back to taxing cap gains again thus my gain would be less. Tks all. bw -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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| 2008, cap, gains |
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