If you make over $1 million in capital gains, your taxes may be changing.
Today I have a message for investors concerning the possible capital gains tax changes. The Biden administration plans to potentially change the capital gains tax rate from 20% to 39.6%, but it’ll only apply to gains over $1 million. However, this hasn’t been passed yet. If your gains are less than $1 million, this likely won’t affect you unless they change the proposal to a lesser amount.
If you have a rental house, investment property, land, or apartment building you’re considering selling within the next couple of years, it may be smarter to do so this year to avoid paying almost double in capital gains taxes. Prices are high, and it’s a great time to sell right now.
If this sounds like something you want to do or have any questions about it, reach out to us via phone or email. We’d love to help you.