Is Now the Time to Sell High-Value Items? | Tax Planning Strategies

Capital Gains Tax is Set to Sunset

The capital gains tax is set to sunset at the end of the year.

According to an article on the AOL Real Estate blog, some luxury homeowners are looking to sell their high-end properties before the end of 2012. They’re scrambling to get their properties to market because the Bush-era capital gains tax cuts are scheduled to sunset at the end of the year, which could lead to a significant increase in the tax if Congress doesn’t act.
This article reminds us that now is a good time in the year to review your financial portfolio and think about tax planning strategies for the future. It might be a good idea to sell stocks or other high-value items at the current 15% capital gains tax rate, rather than waiting and being subject to a potential costly increase.
To learn more about homeowners selling their properties read, An End to Bush-Era Tax Cuts Could Push High-End Properties Onto Market

For more information contact Sally Steffes

Sally Steffes
Certified Public Accountant