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How to save thousands in capital gains taxes
Here’s a cool way to save thousands in capital gains taxes (and help the kids at the same time)… We have a long time client couple who bought Amazon stock years ago and decided they wanted to cash some of it out to help pay for their daughter’s wedding. Because they’re in a high income bracket, selling the stock themselves would’ve triggered a 20% capital gains tax. So instead they transferred the stock to their daughter. 💡 Great move. Here’s why: Taking advantage of their annual gift tax exclusion, they were able to gift $38k ($19k per parent) to their daughter, and have her sell it at HER capital gains rate. Which was 0% given her income level. This ended up saving the couple $7600 in taxes which was put toward much better use for the open bar at the reception! So if you have appreciated stock that you want to use to help pay for a kids college, or first car, or down payment for a house – whatever – think about transferring the stock rather than selling. It could save you thousands. As always, be sure you are working with your financial planner who can manage all of this for you and coordinate with your CPA to make sure you are taking full advantage of these and other strategies. 💻 Also - check out our upcoming Webinar on Top 5 Mistakes People Make with Medicare: 📅 Tues Oct 28 at 12:00 Noon ET 👉 Sign up: Click the link in our bio https://www.sfcorps.com/webinars/top-5-mistakes-people-make-with-medicare #TaxSavings #FinancialPlanning #CapitalGains #WealthBuilding #SmartMoneyMoves #GiftTaxExclusion #FinancialAdvice #WealthManagement #TaxStrategy #FamilyFinance #FinancialPlanner #TaxPlanning #InvestmentStrategies #HNW Individual circumstances may vary. Osaic Wealth, Inc. and its representatives do not provide tax advice; therefore it is important to coordinate with your tax advisor regarding your specific situation.
Making the right choices in taking Social Security. And don't miss our Medicare webinar on Oct 28.
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Making the right choices in taking Social Security. And don't miss our Medicare webinar on Oct 28.
2:05
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