Lower capital gains tax rates for 10-percent and 15-percent tax brackets: Until 2008, the maximum tax rate for long-term capital gains (from sale of assets held longer than one year) was 5 percent for taxpayers in the 10-percent and 15-percent tax brackets and 15 percent for all other tax payers. Starting in 2008, the capital gains tax rate for filers in the 10-percent and 15-percent tax brackets drops to zero percent. (The capital gains tax rate on higher income tax brackets remains at 15 percent.) Active duty tax tactic: If you have been waiting to sell any highly appreciated asset, this might be the year to do it - especially if you will be deployed in a combat zone for most or all of 2008 and will benefit from minimal taxable income. Run the numbers with your tax advisor to see if you will qualify for this extremely low rate.
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