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Does it look like there could be any upcoming changes in the

current Capital gains tax law?...
Does it look like there could be any upcoming changes in the current Capital gains tax law?
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Answered in 9 minutes by:
8/1/2009
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello elamae,

The current long term capital gains tax has a cap of 15%, and also allows for some people in the 15% or lower tax brackets to actually qualify to have a portion of their capital gains taxed at zero%.

There are proposals in congress as part of the new budget to increase the capital gains tax to a flat 20%, and remove the exclusion allowed for people in lower tax brackets.

It is impossible to tell with all certainty whether or not this would pass, but it does look like that it is likely. With a Democratic Congress and the country facing a huge deficit, in all likelihood the capital gains tax rate will increase for the 2010 tax year.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you elamae.

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Customer reply replied 8 years ago
Do you think the current $250K exclusion home sales will continue throught 2010 or be changed
Hello again elamae,

No, my personal opinion is that will not change. The tax laws have always allowed some sort of exclusion when it comes to selling your primary home. So even if the current law were to change, it would likely be replaced with something which would still allow for an equivalent exclusion. But the current law seems to be working well, and I do not anticipate they would discontinue that.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you elamae.
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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