As of March 19, 2007, the capital gains exemption has been increased to $750,000 from its previous $500,000 limit. This means that if you haven’t already taken advantage of the tax preferred treatment of capital gains on qualified small business shares, you should do so while the getting’s good. If you have already maxed out your $500,000, you have an additional quarter million to play with.
2 thoughts on “Capital gains exemption limit increased to $750,000”
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If we had an equity take out loan on a commercial property,
Re-invested the loan in another investment.
Then sold the original property, pay off the equity take loan.Would we have to pay Cpital gains taxes on the re-payment amount?
I sold the shares of my business on Feb 1/08 and new legislation on March 18/08 now allows a 750,000 lifetime capital gains exemption. Is there any consideration that I may be able to take advantage of this new maximum as I sold the shares in 2008 but prior to the March 18 date?? … or am I merely a victim of bad timing??? Thanks for any comments.