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Financial Planning / Tax Strategies
|Subject: Re: Take capital gains early?||Date: 6/14/2012 11:17 AM|
|Author: MikeMiser||Number: 116272 of 124779|
I generally agree
" as a general rule: Don't let the TAX horse's butt WAG the INVESTMENT monkey "
but depending on your tax bracket and the amount of gains involved, it might make sense.
Before you move and before 2013 rolls in, you sell, pay capital gains and set a new cost basis going forward.
You avoid the future state tax, and you may be better off with the Fed as capital gains tax may increase in 2013.
I am looking at the same thing in reverse. Planning to move away from NY /NJ to a more tax friendly state. That might happen in 2012 or in 2013.
Best of luck.
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