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How To Reduce Clients' Investment Income Tax Bite

Financial Advisor Magazine
October 11, 2019
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Citrin Cooperman Partner and Tax Practice Leader Joe Bublé spoke with Financial Advisor Magazine's Jeff Stimpson about how to reduce clients' investment income tax bite.

"Interest paid for investments in passive activities, such as businesses the investor isn’t materially involved in running, generally won’t qualify for the deduction.

“The 3.8% net investment income tax (NIIT) surprises many,” added Joe Bublé, a CPA and partner at Citrin Cooperman in New York. “In addition, the loss of the deduction of state and local income taxes can cause the effective long-term capital gains tax rate on the sale of stocks for, say, a New York City resident to be as high as 36%.”

Read more at FA Online.