Have a Tax Question? Ask a Tax Expert
Thank you for giving me the opportunity to assist you. I will give the best answer that I can with the information provided.
You are wise to consider this. Under the current rule, as you know long term cap. gain is taxed at a maximum of 15%. This rate is set to expire at the end of 2010, and right now---2011 rates should be 10-20%. Based on your income, you would be looking at 20%.
Congress still has time to act, and I personally feel that in this economic climate, Congress will keep the 15% maximum.
You most likely will have until Dec. 31 to execute any trade if you want to wait until Congress meets and clarifies 2011 tax law.
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