What is the name of your state? California
Those of us in the 10% and 15% tax brackets will pay 0% tax on qualified dividends and capital gains in years 2008-2010. I see opportunities....
This brings up a question: If I sell stocks at a LOSS during those years, will I still be able to offset up to $3,000 of the loss against income (carrying over any excess to future years), assuming there are no capital gains to offset? I know that's the current law, but will this rule still apply in 2008-2010, when there is 0% tax on capital gains for my income bracket?
I plan to convert traditional IRAs to Roth IRAs during those years (making sure I stay below the 15% tax bracket each year). I will have to sell stocks in order to pay the tax on the IRA conversions. I'm trying to work out a strategy to pay the least amount of tax possible. Any ideas are welcome!
If possible, please include additional reference links in your reply so I can research further. Thanks very much for your assistance.What is the name of your state?
Those of us in the 10% and 15% tax brackets will pay 0% tax on qualified dividends and capital gains in years 2008-2010. I see opportunities....
This brings up a question: If I sell stocks at a LOSS during those years, will I still be able to offset up to $3,000 of the loss against income (carrying over any excess to future years), assuming there are no capital gains to offset? I know that's the current law, but will this rule still apply in 2008-2010, when there is 0% tax on capital gains for my income bracket?
I plan to convert traditional IRAs to Roth IRAs during those years (making sure I stay below the 15% tax bracket each year). I will have to sell stocks in order to pay the tax on the IRA conversions. I'm trying to work out a strategy to pay the least amount of tax possible. Any ideas are welcome!
If possible, please include additional reference links in your reply so I can research further. Thanks very much for your assistance.What is the name of your state?