The purpose of estate tax planning is to maximize the assets you pass on to future generations by minimizing gift and estate taxes. Estate-tax strategies revolve around the use of irrevocable trusts. This article discusses the most common types of irrevocable trusts that are used to minimize gift and estate […]
The US capital gains tax is a tax on the profits from the sale of assets. You pay this tax according to the difference between what you paid for the asset and the value you sold.
This tax can be pretty complex, so it’s essential to understand how it works before you sell any assets.
There are a few things to keep in mind when calculating your capital gains taxes:
– The tax applies to profits, not the amount you receive from the sale.
– You only need to pay taxes on the profits that exceed your exemption limit.
– Capital gains taxes are typically due within 30 days of the sale.
If you’re selling an asset for a profit, you must be aware of the capital gains tax and how it will impact your bottom line. However, with some planning, you can minimize the taxes you owe on your profits.
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