I sold a business in 2022, that was my primary source of income. I am 60 years old and may never work again. As a result, I have a stock portfolio that I need to rebalance to generate income. A large part of the portfolio is currently comprised of growth stocks that don’t pay dividends. I file as married filing jointly and our taxable income for 2023, will be less than the threshold of $83,350. To my understanding, this means that I will not have to pay capital gains if I was to sell my stock portfolio before year end. It doesn’t seem like there is a cap on this?There is an unrealized capital gain of $700K in my portfolio and I would like to sell all of these assets it if that means I could avoid incurring a taxable event on the Federal level in 2023. We are mainly living off from the proceeds from the sale of the business which are considered 1231 gains which I understand are considered capital gains and are not included in the taxable income threshold calculation. Are my assumptions correct about unlimited capital gains and 1231 gains?
Thank you.
