Capital Gains Tax

Question:
My now deceased spouse owned several investments that were sold during the year prior to her passing at substantial capital losses. Can those carryforward capital losses be applied to my tax return or are they lost?

Continue reading

Question:
I’m 52 years old and my spouse is 42 and we have $100,000 in annual income. We have a $120,000 in publicly traded stock that we would like to sell that have been held over 1 year. If we sold it all today, our capital gain would be $96,000. If they maxed out their 401(k) and 403(b) then we could put away $42,000. How else can we minimize our capital gains tax exposure here?

Continue reading