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Posted by ed on September 22, 2008, 10:02 am
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> Dad was a Met Life agent, so I grew up with lots of their insurance.
> When they converted, I wound up with a couple of hundred shares of
> their stock.
> Tentatively plan to sell it in next 6-8 weeks. My understanding is
> that since it cost me nothing, all monies received are capital gains.
> Congress has screwed with the captial gains rate so much that I'm
> confused. At what rate will that be taxed when I file 2008 taxes? If
> I need to file estimated taxes, do I compute the amount at that rate?
> Can I make just one estimated payment and get it over with?
> Just want to get it right.
> TIA
P.S. Due to recent court case the gain may be less than the total
sale price of MET stock, but no one knows the exact amount. But, it
seems like it would be better to pay LTCG tax rate on MET stock which
would reduce amount of ordinary tax rate gain on the Life Insurance
should you cash it in. Depends on how long you had it, your net
gain, and if you cash the policies in rather than die (death benefit
not taxable but net gain on cashed in posicy is taxable)..
I have about 1250 shares of MET from New England life (I was their
agent) which merged with MET and I don't intend to sell ANY of it, but
to each his own.
ed
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