Capital Gains in 2011 ... how will it affect you?

I've been receiving questions about how the January 2011 Capital Gains tax changes will affect California home sellers and what it may mean if one wants to sell their home in 2011. When I proposed this question to my personal Tax Accountant, she replied:

There have always been capital gains taxes on the sale of investment property. (Currently) Personal residence sales are only taxed if the gain is more than $500,000 for married filing joint and $250,000 single, etc.

The 20% hike in 2011 is the proposed amount that capital gains will be if Obama, Congress and the Senate do not change the law before 12-31-2010. Right now the law is to go into effect 1-1-2011

Other answers may be found HERE, on the Turbo Tax website.

You may contact me by cell phone to discuss this or other matters, or you may POST A COMMENT below. I will do my best to answer all your Real Estate questions, or get you to the correct professional who can answer any question I cannot.

And as always, you may also call me for your free, no obligation, consultation regarding the BUYING or SELLING of a property in Santa Clarita.

LeeAnn Bell ... 661-309-2364
DRE License #01260650
Broker: R.Thacker

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At least our government isn't suggesting a rate hike of 40%, or even 50%, as is being suggested in the UK as reported in the Article read HERE! :-(

Things could always be worse, right?

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