Prepare now for zero capital gains tax in 2010

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Several years ago, changes in the U.S. tax policy ratcheted down the rate charged on capital gains until the tax rate was zero percent for some tax payers in the year 2010. This means there will be a zero tax on property that would normally be subject to a capital gains tax when it is sold. This is of special interest to you if you are liquidating property, planning to retire or are in other transitional processes.

For example, if you sell a farm in 2010 for more than you paid for it, the gain would not be subject to a capital gain tax if you are in the 10 percent or 15 percent tax brackets for ordinary income.

But, there are a few things to consider and plan for before 2010 arrives. Be sure to consult your tax advisors about potential opportunities — as well as tax adjustments that need to be performed before the close of 2009.

Source: the farm gate



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