Changes in Tax Rates for 2013

  • Capital gains tax rates have moved from 15% to 20% for most appreciated assets.
     
  • In addition, there is a new 3.8% surtax called the net investment income tax imposed on the lesser of (1) net investment income or (2) the amount by which AGI exceeds specified thresholds. Those thresholds are $250,000 for joint returns and surviving spouses, $125,000 for married filing separately, and $200,000 for unmarried heads of households with qualifying dependent(s) and single taxpayers.
     
  • Therefore most high income taxpayers will pay 23.8% tax on the sale of appreciated property beginning in 2013.   This will make outright gifts of appreciated property and life income arrangements such as gift annuities and charitable remainder trusts more attractive in the future.
For more information please contact Liz Gianakos at (617) 243-6571 or NWHCF@partners.org.

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