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Need some quick tax planning advice - LT cap gains
Posted on 12/27/13 at 6:36 pm
Posted on 12/27/13 at 6:36 pm
I'm closing on a home purchase in early January and will be cashing out some long-term investments for use as down payment. There will be some significant LT gains tax when I sell, which I want to minimize, but also defer as much as possible.
My current plan is to sell in January - two questions:
1) I read that the 2014 LT cap gains rate is still set at 15%, unless you're in the top tax bracket... is that correct?
2) Can I forego making estimated tax payments on the gains under safe harbor provisions, and just settle up when I do my 2014 return in 2015?
My current plan is to sell in January - two questions:
1) I read that the 2014 LT cap gains rate is still set at 15%, unless you're in the top tax bracket... is that correct?
2) Can I forego making estimated tax payments on the gains under safe harbor provisions, and just settle up when I do my 2014 return in 2015?
This post was edited on 12/27/13 at 6:38 pm
Posted on 12/28/13 at 5:54 pm to tigeryat
So as long as I've paid 110% of my 2013 income tax in 2014 I would qualify under safe harbor and won't get hit with penalties and interest, right?
Posted on 12/29/13 at 9:27 am to sneakytiger
It depends on your 2013 adjusted gross income. If your AGI was less than $150,000 in 2013, then you can pay 100% of your 2013 tax liability.
Posted on 12/29/13 at 10:51 am to Poodlebrain
Great, I'll have no problem doing that.
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