Either is possible since the Treasury Department noted in the budget, aka the “Green Book,” that its proposal on capital gains “would be effective for gains required to be recognized after the date of announcement,” which could refer to April 28 or May 28.
Thinkadvisors.com has an article that discusses, for high income earners (annual income > $1 million), how to prepare for a retroactive capital gains tax hike.
- CPA Sheryl Rowling, who heads rebalancing solutions for Morningstar, offers some pointers.
- Consider moving up future big multimillion-dollar sales into this year.
- Structure future deals as installments to keep annual income under $1 million.