Ian Weinstock was quoted in recent Forbes article entitled, “Increasing the Capital Gains Rate: Tax Planning in a Time of Flux.” Mr. Weinstock discusses the Biden administration’s proposed increase in the capital gains tax rate and what taxpayers should think about before selling their investments.
The article quotes Mr. Weinstock as saying:
Even for taxpayers who may eventually be subject to the higher rate, it might be premature to sell investments now. “The surefire way of dealing with a capital gains increase is to sell and realize the gains now before the rate goes up, but what if the rate doesn’t go up?” said Ian Weinstock of Kostelanetz & Fink LLP. …
Taxpayers may have time on their side in figuring out when to respond to a potential rate increase. It might be a matter of waiting to see how the legislation takes shape in Congress. “My hope is that as the process evolves, we’ll have more of an insight into the direction it’s going,” Weinstock said.
Read the full article here.