Tax season seems so far away. But it edges closer all the time. With 2010 more than halfway over, you need to be aware of something to plan for between now and December 31.
The sweeping U.S. tax changes enacted several years were set to sunset (or expire) at the end of 2010. Some of those changes may be extended beyond December 31, 2010, depending on how Congress acts on those issues. But one is not expected to be extended and may affect you, the Zero Percent Capital Gain rate.
What is Zero Percent Capital Gains?
For a few years now, someone selling long-term capital assets (which include such things as real property, stocks, and bonds) have enjoyed a reduced tax rate on the gain on those sales. Several years ago, as part of a special tax act, the rate was reduced to a maximum 15% capital gain rate with a 5% rate applicable to certain lower-income taxpayers. For 2010, that 5% is reduced to 0%, with the maximum 15% rate still applicable to all other taxpayers with capital gains.
Effective January 1, 2011, the capital gain rate is expected to return to 20% and 10% for lower-income taxpayers. The extra 5% or 10% of tax savings means more money for you from your sales.
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