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What is the current rate of paying capital gains on an investment home?

What does "acceleration" of taxes mean and how does it work? Can I accelerate capital gains on home sale?

  • I am selling a home. Long term capital gains tax is currently 15%. I anticipate that in 2012 the capital gains tax rate will be raised to 20% plus about 4% for the health care law, making it 24%. The house as yet is unsold. Now while it is yet unsold, can I "accelerate" my capital gains tax by estimating the amount that will be due, and then paying it at the current 2011 rate of 15% in 2011, instead of paying the 2012 rate if my house ends up selling in 2012?

  • Answer:

    The term acceleration applies to depreciation. Google "accelerated depreciation" for more information.

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Tell your instructor to update your homework question. It's ALREADY 2012. If this is your primary residence, you shouldn't have a gain anyway. Research "deemed sale"--that's what you are asking for and there hasn't been a law authorizing one of those for years.

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