2008 Cap Gains

Dec 06, 2007 2 Replies

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tobe 18 years ago

Any word on any proposed changes to the current 2008 Capital Gains rate (0% for lowest bracket)?

I have kids college tuition due in January, and will need to sell some stocks. I have enough tuition tax credit from this year that I could sell before Dec 31 & pay no Capital Gains tax...but I would rather do a Roth conversion of the equivalent amount and defer stock sales to January.

Is it likely that if Congress changes CG tax rates during 2008, it would be retroactive to the whole year? [Yes, I know they CAN do anything they WANT...but opinions on likelihood are welcome.]

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Phil Marti 18 years ago

Highly doubtful IMO. Remember that there won't be a new President until January 2009, and I don't see any way Congress could muster enough votes to override an expected veto of any change.

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Paul Thomas, CPA 18 years ago

The election is in 08, with the newly elected croo.....representatives..........to be installed in 2009. Expect new legislation for 2009, and ~~that~~ legislation stands a good chance to be retroactive to the start of 2009, but shouldn't cut into 2008 transactions.

We're banking on major tax legislation (sunsetting provisions, AMT, etc) by whatever mix of "Dems" or "Cans" gets elected this next fall.

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