Tips on 2015 Capital Gains

Here are some tips for tax planning on capital gains in 2015:

• Know the trade date of the property before selling to determine whether it will be treated as a capital gain.
• Carefully weigh which cost basis calculation method is preferable, such as the common First In, First Out.
• Consider selling securities at a loss to cancel out gains.
• Keep records of the purchase price and date for securities.
• Consider taking greatly appreciated securities to the grave.

See Mark P. Cussen, Capital Gains Taxes in 2015, Investopedia, Feb. 12, 2015.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.