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Posted On: 01/07/2021 4:46:55 PM
Post# of 86195
I don't love taxes either, but I wouldn't panic for the following reasons:
1) First Biden's higher capital gains taxes have to be enacted into law (and will probably apply to 2022, not 2021). This most likely means that if you want to, you can sell millions of dollars in UNVC stock (held for one year or more) in 2021 and only pay a maximum capital gains rate of 23.8%.
2) In 2022 to get the lower rate of 23.8%, all you have to do is take less than $1 million in profits. Above $1 million in profits is a different story and your capital gains tax could be as high as 43.4%.
3) If you're worried about huge capital gains in gifting large amounts of money to friends and family in 2021, then I suggest gifting them UNVC stock.
Why?
Because you pay no capital gains taxes on gifted stock (like you would if you sold the stock first and gave them cash). The value of your gift is the purchase price of the stock. Capital gains taxes are only owed when the person that you have gifted the stock to decides to sell it. Meanwhile it could appreciate in value for years.
1) First Biden's higher capital gains taxes have to be enacted into law (and will probably apply to 2022, not 2021). This most likely means that if you want to, you can sell millions of dollars in UNVC stock (held for one year or more) in 2021 and only pay a maximum capital gains rate of 23.8%.
2) In 2022 to get the lower rate of 23.8%, all you have to do is take less than $1 million in profits. Above $1 million in profits is a different story and your capital gains tax could be as high as 43.4%.
3) If you're worried about huge capital gains in gifting large amounts of money to friends and family in 2021, then I suggest gifting them UNVC stock.
Why?
Because you pay no capital gains taxes on gifted stock (like you would if you sold the stock first and gave them cash). The value of your gift is the purchase price of the stock. Capital gains taxes are only owed when the person that you have gifted the stock to decides to sell it. Meanwhile it could appreciate in value for years.
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