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Date/Time: 2/6/2013 3:20 PM Topic: Fiscal Cliff Averted ... What Now? Comment: Is the tax of close to 50% in New York applied to over $5 million? Berdon’s Response: New York State taxes estates valued in excess of $1 million, while the federal estate tax exemption is $5 million (indexed for inflation). The NYS tax rate can go as high as 16%. Date/Time: 9/10/2012 8:15 PM Name: Javier Topic: Strategies Ahead Of 2013 Tax Increases Comment: Wouldn’t it make sense to sell low basis stock before the end of the year, even if you intended to repurchase it, all or in part, with the proceeds? Berdon’s Response: Your decision will depend on your goals. It may make sense to sell low basis stock in the current year and accelerate your gain, in light of expected tax increases if Congress doesn’t act. There’s no concern over a waiting period for repurchasing stock sold at a gain, since the rules requiring a 31 day wait before repurchasing only apply when taking a loss. However, if you anticipate capital losses in the next year, you might consider holding on to the low basis stock and selling it during the year and using the losses as an offset. The information provided on this website is for general informational purposes only. It does not constitute, and should not be considered, professional advice regarding any particular circumstances. Please consult with your accounting or financial advisor before taking any action.
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