2008-2010 zero pct adjusted net capital gain rate | Thread profile

Is anyone taking advantage of the 2008-2010 zero pct adjusted net capital gain rate? Planning for the 2008–2010 Zero-Percent Adjusted Net Capital Gain Rate WebCPA - Capital gains planning: 2010 sunset date begins to matter It seems like it would be helpful to take capital gains before 2011. But I haven't yet figured out the details.

December 31st, 2010 will be a very bad day for the stock market.

I have already sold one investment property and plan to sell others before 2010 - when capital gains taxes go up - we will all have to jump into tax sheltered investments. The amount of revenue the gov. gets from increasing this tax is limited because of the flight to shelter - 15% feels fair - hopefully it won't go up to much...? But I fear it will.

Here's the way I've been figuring what we will take in cap gains: Code: 65100 top of 15% bracket for couple 7000 for 2 exemptions 15000 * Schedule A itemized deductions -500 * interest -1000 * dividends -4000 * cap gains from taxable funds (distributions) ------------------------------------------------- 81600 cap gains we can take ...

So let's say I want to take advantage of this by selling some Vanguard 500 Index fund shares. Can I/should I place the sell order over the phone, and say, "sell those shares that will give me the largest capital gains," since I won't be paying any tax on them?

Al, at the risk of taking you seriously (or were you joking as per your signature line?) Vanguard probably has something on their web site regarding identifying specific shares for tax purposes. LSBCAL

T-Al, To comply with IRS rules, you'd have to give them written notification of the specific shares to sell. A phone call would not be sufficient. FIFO is assumed if you don't specify. 2Cor521

I already did this. Back at the low point in March of this year I sold a bunch of appreciated stuff and moved it to other funds. Remember the zero percent bracket only extends to the top of the 15% ordinary income bracket. Doesn't really help you a whole lot if you are middle income or higher on the tax brackets already w/o additional gains. I may be able to pay zero % on 5-10k in gains. I ...

Quote: To comply with IRS rules, you'd have to give them written notification of the specific shares to sell. Can I write "Sell the shares that will give me the most capital gain" or do I need to write "Sell the shares that I bought on Jan 2,2003"? Also, is it worth it? [Serious today]

Quote: Originally Posted by TromboneAl Can I write "Sell the shares that will give me the most capital gain" or do I need to write "Sell the shares that I bought on Jan 2,2003"? Also, is it worth it? [Serious today] Check the IRS rules on specific identification of shares. From what I recall, the basic ...