Rumors About Capitol Gains Tax Going Up
I listen to Money Matters, a AM talk show, and they are financial advisors. They often end up talking about taxes, especailly capitol gains, shooting up in cost in 2006. Has anyone else heard of this? and if so what percent? Main reason I ask is that a client of mine my "flip" a property or rent it out, soley to save on capitol gains tax. Yet he will lose if it goes from 15% to 35% ect. thanks
thank you,, The talk show, whom I am to believe are reputable people, are betting that in 2006, not 2008 they will pass laws to change the rate sooner, and not only to 20%, but more. hope they are wrong... lol
thanks for the info. How in the hell did you know all that stuff about them, you google them? lol. Is the capitol gains tax suppose to go down by 5% a year until 2008 when there will be none? need to buy a tax book...
There were thousands of reputable, smart, professional money managers who lost billions of dollars in the stock market. Nobody konws what the future holds in the investment world.
Brenda
Yup if you waited it would be inheritance and your basis for tax purposes would have been at "fair market value. "
Was your mother in command of her facilties when she signed the deed or was she unduly influenced at the time of signing?
You may want to consult an attorney, but if the answer to either question above is "no", you might have a problem.
Best to consult an attorney. Perhaps the court can set aside the deed, if your attorney can show that your mother was not of sound mind when she executed the deed, or that she was coerced into signing the deed, or, (this one is a stretch) that she acted upon the legal advice of someone who was practicing law without a license.
If all else fails, ask the "friend" to pay the taxes.