What is the impact on the Capital Gains Tax for as a result of the possible Tax Law Changes in 2013?

TaxGuru · #1 (**permalink**) 12-31-2012, 02:07 PM

There could be some significant changes in the Capital Gains Tax Rate as a result of Fiscal Cliff. Unless there's a congressional deal, the capital gains rate will increase to 20% in January, up from 15% now.

In addition, for those with higher income levels, they'll also incur a 3.8% surtax on capital gains, dividends, royalties and real estate sales due to the Affordable Care Act, which means the effective capital gains rate will hit 23.8% on Jan. 1, 2013.

The higher income has been defined as $200,000 for a single tax filer's and $250,000 for a married couple or joint filer's.

nuan1 · #2 (**permalink**) 01-25-2013, 02:33 AM

So the capital gains taxes rate have increased like you said and that’s an extra burden on taxpayers. Can you suggest a good online tool which will help compute capital gains tax for returns? I have heard of some financial management software like Netbasis, Stock lookup, Spinoff Calculator, Stock merger calculator etc. Any others?