The 15% capital gains and 15% tax on qualified dividends: Do they expire next year?? I heard that Obama wants to have them expire sooner. Any progress on Obama's wishes in Congress. Here's why I ask:
I have a $40000 capital gain in stock ABC for 2009. I also have a $14000 as-yet-unrealized loss in stock XYZ.
One thought is to double-up on XYZ stock, wait 31 days, and sell the old high-basis XYZ to offset part of the ABC gain.
The other thought is to do nothing and simply pay all the cap-gain tax on the entire $40k gain. I'd save the high-basis stock for when and if the rates go up.
Thoughts??