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Especially for us old-timers; gotta love that long-term capital gains tax rate! Set aside some of the gains into a high-yield savings account for making estimat
by kinghajj 5y ago
Especially for us old-timers; gotta love that long-term capital gains tax rate! Set aside some of the gains into a high-yield savings account for making estimated tax payments, pay off some small debts, buy a couple nice things, and put the rest into a brokerage account to buy Vanguard ETFs.
- BitwiseFool 5y agoIsn't Joe Biden planning to make the top capital gains rate the same as the short term rate?
- kinghajj 5y agoFor long-term capital gains above $1m, yes. I'm not lucky enough (yet?) for that to apply to me this year anyway. Plus, that change would probably apply from 2022 onwards, so there's a chance that if another crypto bull run happens later this year (a la 2013), one could still cash out gains under the current rate structure. I also wouldn't be surprised if there's some negotiation with Republicans to raise the proposed bracket from $1m to $5-10m: pull out enough sad old widows with homes that have appreciated $1.5m+ such that the $250k exemption would still put them in the $1m+ bracket, etc.
- standardUser 5y agoOnly for households with earnings over $1 million. So no, not for the vast majority of people.