For 2019, if you’re single with taxable income of $39,375 or less or married filing jointly with taxable income of $78,750 or less, your long-term capital gains are taxed at 0%.
With all the recent talk of the effects of the 2018 tax plan on
If you are younger and your income is below this level, take this opportunity, that may only be available for the next couple of years to reset your cost basis higher.
If you are retired and your income is lower than these levels, you really should consider taking your gains now. Lock them in and reset your cost basis higher. If you have questions on how to do this, reach out to your financial advisor, CPA or CERTIFIED FINANCIAL PLANNER™
Do you have parents who you think may be below these income thresholds? Make sure to share this tax tip with them. Remember, you could be 70 years old, have $5 million in non-qualified investments and a social security benefit and qualify! It is not based on asset size, it is based on income level.
Good Luck!
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