Fund picks and pans stocks

Posts Tagged ‘capital gains tax’

I have appreciated company stock that I have held over one year. I purchased it with the intention of using it for my childrens (age15 and 16) college education. I would like to gift it to them, then they could sell it. Since capital gains tax goes to 0% in 2008 for low income people, and at best they will have part time jobs, I could save the capital gains tax on the gain, allowing them more for college. This will lower their chance of grant money, but I think we make too much anyway (combined 0,000).

Could I do this to avoid paying capital gains? The stock is in my name, can my wife and I each gift ,500 per year (or do I need to transfer some to her first)? Would she have to wait to gift it? Do the kids need to hold it an additional year to get long term capital gains?

Technorati Tags: capital gains tax, college education, company stock, intention, long term capital, long term capital gains, money, part time jobs

I am purchasing my first home and need to sell several of my mutual funds for the down payment. Unfortunately, I am going to take a big hit when I have to pay the capital gains tax from the sale of the mutual funds.

Is there any way that I can apply these capital gains towards the down payment of the new house to decrease my taxes? If not, are there any other suggestions to decrease my capital gains tax?

Frankly, having my mutual funds do well enough to require capital gains tax is not a bad problem to have. It means they have done well over the past few years. I just want to know if I can do anything to improve my tax situation.

My Related Websites

• Southside Accountants » Blog Archive » The Big Argument of …
• End of the Year Tax Tips | Find Free Trial
• Exiting Your Business: Is It About The Economy? « Move For Work
• lorineaxton » Blog Archive » Understanding Mutual Funds: Part I
• Annual Gift Tax Exemption for 2009, 2010 « Certainly Dubious
• file taxes online for free
• Tax Turnaround – Great News for Holiday Let owners | Self-Catering …
• Investigate this sale Mr. Sattuar : Kaieteur News
• Mutual Funds: Top 5 Global Funds | Daily Markets
• What is a good tax filing companie or preparer? I heard from …
• How much Capital Gains Tax do Foreign investors pay?
• Best-performing mutual funds
• Which Mutual Fund to invest in?
• I want to invest some money in mutual funds ,I live in india,what …
• SacBee: Capital gains tax cuts turns into issue in governor's race …

Technorati Tags: capital gains tax, mutual funds, tax situation