Tax FAQ
 

Anyone Understand Capital Gains Tax Laws?

Question by Frazer | Posted in United Kingdom

I invested some savings for my mum and colleague, as well as myself, but unfortunately put them all in the same account! Now it looks like the capital gains allowance could be breached if I dont spread them out or unclog a joint account with all three names and transfer the shares, is this possible?

 
 

Any One Know If Any New Capital Gain Tax Laws Are Proposed For 2011?

Question by lyong222 | Posted in United States

does anyone remember if there are any new tax laws coming up for discussion, that could change the capital gains laws for the tax year ending Dec. 2011?

Answer: There are no changes anticipated until 2012. Obama and Congress only agreed to a two year height of the Bush tax cuts.

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What Significant Change In Capital-Gains Tax Law Took Place In The 1990's?

Question by RogerDodger | Posted in United States

Specifically, what was the interchange in maximum rate for capital-gains tax (in the US) during the 1990's; and what year did it take place?

It is my understanding that there was a substantial modulation in tax law during the 1990's that changed the tax rate for capital gains.

What was the change in rate?
And approximately what year did it take vicinity?

Answer: In fact there were several:

in 1991 those in the 31% bracket starting to ONLY pay 28% on long term

in 1993 there were two other higher brackets started but they, like the 31% division payers, still ONLY had to pay 28%

in 1997 the long term rate (eligible for assets held 18 months now preferably of 12) was reduced to 20%, payable by those in the 28% and higher bracket, and to 10% for those in the 15% rank - intermediate term (a new term) was create for

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Have There Been, Or Will There Be, Any Changes To The Tax Laws Regarding The UGMA. Affect Capital Gains?

Question by Jay J | Posted in United States

Will it change capital gains, income taxes, etc...

Answer: Haven't heard anything about Internal Yield Code changes, yet, but Block's tax updates haven't come out yet.... at least, not here.

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Is There A Capital Gains Tax On The Profit I Make In Selling The First Home I Have Every Owned And Sold?

Question by Stanton | Posted in Renting & Real Estate

I credence in U.S. tax law waives capital gains tax on the sale of the first home that a person has ever owned.

Answer: Where in the life did you hear that? Not true.

But if you owned the home for 2 out of the 5 yrs right before the sale, and lived in it as your pre-eminent home for two of those same 5 yrs, you can exclude $250K of gain ($500K on a joint return) from cg tax.

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2011, 2012 IRS Federal Capital Gains Tax Law Information

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