Because of all the noise out there what with the presidential race, and the 24 hour news cycle some of you sellers may need reminding of the impending major adjustment upward of your capital gains liability if you wait until next year to sell your home or commercial property. Capital tax rates are moving up from 15% to 25% with the expiration of the Bush era tax cuts. You will pay a whopping 66% more $$ to Uncle Sam in 2013.
If you’re an agent, here’s your chance to get your seller off the fence. Become a consultant. Calculate his tax liability under 2012 vs. 2013 rules and let him know how much more of his hard earned profits he will keep by getting it done in 2012.