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There May Be Changes to Capital Gains Tax Rules

Dear Monica:   I want to sell my property but am worried that there will be a higher capital gains tax rate when I do sell.  Should I sell now at the current lower rate?  Emily G.

Dear Emily:  It is hard to predict when changes to tax laws will occur and even harder to plan accordingly.  There is much talk about changes coming and it is reasonable to assume that some changes to pay for COVID stimulus payments may be coming.   Rumors include higher cap gains tax rate if earnings are above $1 million,  and the elimination of the stepped-up basis when one spouse dies.  Consult your tax advisor about how such changes would affect you and decide accordingly.

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