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Came across this article that I thought was relevant for investment properties as well as stocks and other assets:
A few years ago, to encourage taxpayers to save for the long-run, Congress offered a new capital gains rate 8% or 18% on assets held for five years or more starting in 2001. That provision has been taken over by the new capital gains rates on assets sold after May 5, 2003. So, if you were planning to hold onto a stock or a piece of rental property you bought in 2001 until some time in 2007, don't worry. You already qualify for the lower capital gains rate.
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