If I sell Apple Stock, how do I soften Capital Gains Tax?

[Microman]

It will be the best investment I have ever made, except for the purchase of my house.

But since my house is paid off, I was thinking of buying another house. I would like to use the profit, but how do I get it out, without loosing so much in tax? Or can I?

Thanks..

about to retire, as well

[Go To Top]

See your CPA, not a bunch of mail order experts.

[Paul F.]

You don't...

Or, you support the FairTax, and wait until it's ratified to sell.

[Michael]

Depending on your income, you might be able to get it all out for no tax next year. If you meet the income criteria, I'd do it in 08--I'm betting rates will go back when the dems take the election.

Here's an overview story:http://www.usatoday.com/money/perfi/taxes/2007-06-15-mym-capital-gains_N.htm

Here's something that might be helpful in planning: http://www.nysscpa.org/cpajournal/2006/1...ls/p40.htm

[tenders]

It's possible to offset long-term capital gains by selling other assets you've owned for more than a year that are currently worth less than what you paid for them. You net out your long-term gains against those long-term losses and pay tax on the remainder.

Most consider the long-term capital gain rate to be pretty low, so it probably isn't worth getting too worked up about it. It's the short-term capital gain rate that really hurts.

[Jimmypoo]

[quote Michael]Depending on your income, you might be able to get it all out for no tax next year. If you meet the income criteria, I'd do it in 08--I'm betting rates will go back when the dems take the election.
That would be '09, after they take office.... and then how long until any leg. is passed?

[Paul F.]

And what tax year would it go into effect FOR? (probably the '10 year).

[OWC Jamie]

Oh, no.
Promises of fiscal responsibility again ?
:-)

[SeattlePhotog]

[quote Microman]I would like to use the profit, but how do I get it out, without loosing so much in tax? Or can I?

Thanks..

about to retire, as well
Um...you made it to retirement age without learning the difference between "losing" and "loosing"?

Congratulations!

One way to take a profit without loosi...er, losing too much in taxes would be to vote Republican. But saying that would potentially get this topic moved to the Other Side.

[Jimmypoo]

exactly my point.

If you have a lot, liquidate everything and transfer to Andora, then move to Cuba, and become part of the Euro-boom going on there.

Everyone thinks Cuba is dying because the USA doesn't sell Pepsi to them. Hardly. They've adjusted to no Russkie $$$, and every other country is building their new vacation paradise that will make Miami look like the slum it really is.