Capital Gains Tax on Investment Property to Increase in 2013

An article published by Morgan Stanley Smith Barney in March 2012, Tax Moves to Consider Now discusses the low likelihood of Congress extending the Bush tax cuts which will expire on December 31, 2012.

Beginning in 2013, the capital gains tax on investment income (including investment property) will increase from 15% to 20% with an additional tax of 3.8% on families with a total income above $250,000.  This means private investors that sell real estate for a profit in 2013 and beyond will most likely pay up to 58% additional tax on their capital gains versus 2012.

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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