BROOKWOOD TAX SERVICE

End the Hassle - Hire a Tax Pro!

404-915-6268

2003 Tax Law Lowers Rates on Capital Gains
Will the Rate Cuts Lower Your Tax Bill?

Selling your assets at a gain will save you tax dollars. The recent changes to the taxation of capital gains mean you will pay less tax when you sell property at a gain, such as stocks, bonds or real estate..

The maximum tax rate has been lowered to 15%, or 5% if you are in a lower tax bracket. There is a catch, however. The lower rates apply only to sales of assets that took place after May 5, 2003.

If you sold property using the installment method and you received payments in 2003, the payments you received after May 5, 2003 will qualify for the lower rates.

Additional lines have been added to the second page of Schedule D to calculate the tax on capitals gains for sales that took place before and after the effective date of the new tax rates.

[Home]  [Site Map]  [Contact Us]

brookwoodtax@mindspring.com
Copyright © 2004 Brookwood Tax Service