Should I sell it all and re-buy in January (taxes)

pr0lab

Newbie
8 0
Should I sell it all and re-buy in January to save on some taxes with this fiscal cliff and tax hikes on capital gains?
 

wackypete2

Legendary member
10,229 2,055
There's definitely a new tax hike of 3.8% on capital gains for people making over $200,000/yr ($250,000 for family) to subsidize Obamacare. If your income is less than that then you won't be affected.

The fiscal cliff debacle MAY cause an increased base tax on cap gains to 25% (+ the 3.8& if you are in that bracket = 28.3%). It depends on whether the Bush era tax cuts remain.

Yes, the wash sale rule would wipe out any benefits you incur by taking gains before year end then repurchasing in less than 30 days.

Peter
 
 
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