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15% vs 35%

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15% vs 35%

Post  Terbo56 on Mon Sep 05, 2011 10:51 am

15% vs long term @35% -Wouldn"t that end up being 50%? I find that redundant, think about it- y"all willing to give the IRS half of your investment? That would be a ripoff-think it isn"t?
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Re: 15% vs 35%

Post  Terbo56 on Mon Sep 05, 2011 10:54 am

Twisted Evil I"m talking about 15% to cash in short term, and then capital gains on top of that? Which is it? Or both- just inquiring-
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Re: 15% vs 35%

Post  therealbutterfly on Mon Sep 05, 2011 11:03 am

Its one or the other. plus your state taxes. talk to your CPA to protect yourself. lol
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Re: 15% vs 35%

Post  Terbo56 on Mon Sep 05, 2011 11:04 am

Thankyou 4 the short of it!
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Re: 15% vs 35%

Post  bobbysac on Mon Sep 05, 2011 11:06 am

[quote="terbo56@yahoo.com"] Twisted Evil I"m talking about 15% to cash in short term, and then capital gains on top of that? Which is it? Or both- just inquiring-[/quote


you will have to pay short or long term or reg income,if you had it more than a year its long term ,15%
short term is 35% not %50,depends how long you have had it ,ask your tax att about that to be sure ,good luck

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Re: 15% vs 35%

Post  utjdd on Mon Sep 05, 2011 11:47 am

Capital gains rates are 35% for anything held less than a year and 15% for anything over a year. I think someone was saying that there would be a special 15% rate if you cashed in early. I am not sure about that but it would not be both. There will be a ton of discussion on this since there is other areas of the tax code that could come into play but capital gains tax rates are pretty straight forward.

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15% 45 days after cash-in FACT of FICTION???

Post  LMN777 on Mon Sep 05, 2011 11:57 am

Has any one been able to verify the rumor of a flat rate of 15% if you pay it within 45 days of cash-in? Any info would be appreciated.

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Re: 15% vs 35%

Post  IL62881 on Mon Sep 05, 2011 12:03 pm

[ WE ARE NOT paying any taxes until next April 15th, 2012 at 11:59 p.m. We are not required to and we don't have to just because this admin thinks they are obligated to our taxes. Put your tax money in an account and it can draw interest and pay it when IT IS DUE! not one day before.

We are not
supporting this admin/gov in anyway and certainly not with our new money, I don't believe that even God expects us to support this gov. except in prayer.

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Short Term Capital Gains Tax

Post  OKie_GEM on Mon Sep 05, 2011 2:33 pm

Folks,
Read your tax laws, Please! Short term capital gains is NOT, repeat NOT a straight 35%.
Read please.
Short term Capital Gains is NOT ordinary incorme BUT is taxed at the same rate that you will pay on your Ordinary income for that year. Hence, if you are in the 15% tax bracket for this year, 2011, then your short term tax will be 15%. If you are in the 35% backet, yes you will pay 35% STCG tax.
Please consult your CPA/Tax attorney.
As OKie has said, pay close attention to the term INVESTMENT that is used in the tax code. Did you buy this for an investment? Or, did you just happen to have a lot of worthless currency laying around because you planned on making a visit there someday? Very important point that can quite possibly save you millions.
Be Smart!
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Re: 15% vs 35%

Post  justpassntime on Mon Sep 05, 2011 4:30 pm

@IL62881 wrote:[ WE ARE NOT paying any taxes until next April 15th, 2012 at 11:59 p.m. We are not required to and we don't have to just because this admin thinks they are obligated to our taxes. Put your tax money in an account and it can draw interest and pay it when IT IS DUE! not one day before.

We are not
supporting this admin/gov in anyway and certainly not with our new money, I don't believe that even God expects us to support this gov. except in prayer.

Tax deadline for this year is Tuesday April 17 2012 gives you a few extra days to hide money. :happyjoy:

also see ***Tax Info*** posted in GENERAL DISCUSSION

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Re: 15% vs 35%

Post  gridkeeper on Mon Sep 05, 2011 4:51 pm

@utjdd wrote:Capital gains rates are 35% for anything held less than a year and 15% for anything over a year. I think someone was saying that there would be a special 15% rate if you cashed in early. I am not sure about that but it would not be both. There will be a ton of discussion on this since there is other areas of the tax code that could come into play but capital gains tax rates are pretty straight forward.

No they are not. Where are you getting this?
They are only 35% if you are in the 35% tax bracket for normal income.

Someone in the 10% bracket, for instance would only pay 10% for short term.

etc.

There are several online calculators that will calculate it for you.
The problem is: Do Capital Gains even apply? Section 988 is like reading 'Greek'. I can't figure it out for anything. Shouldn't it have to make sense? It does not. Even to the experts. The conservative ones think it is just better to pay the IRS the rates for ordinary income anyway, just in case. Can't blame them. Tax attorneys have their necks on the line.

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Re: 15% vs 35%

Post  sharethesecret on Mon Sep 05, 2011 5:10 pm

I found a great chart on Wikipedia which will show you how much tax you will pay...
http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States

Hope this helps!

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Re: 15% vs 35%

Post  justpassntime on Mon Sep 05, 2011 5:18 pm

@gridkeeper wrote:
@utjdd wrote:Capital gains rates are 35% for anything held less than a year and 15% for anything over a year. I think someone was saying that there would be a special 15% rate if you cashed in early. I am not sure about that but it would not be both. There will be a ton of discussion on this since there is other areas of the tax code that could come into play but capital gains tax rates are pretty straight forward.

No they are not. Where are you getting this?
They are only 35% if you are in the 35% tax bracket for normal income.

Someone in the 10% bracket, for instance would only pay 10% for short term.

etc.

There are several online calculators that will calculate it for you.
The problem is: Do Capital Gains even apply? Section 988 is like reading 'Greek'. I can't figure it out for anything. Shouldn't it have to make sense? It does not. Even to the experts. The conservative ones think it is just better to pay the IRS the rates for ordinary income anyway, just in case. Can't blame them. Tax attorneys have their necks on the line.


gridkeeper is right...




Short-term capital gains are taxed at ordinary income tax rates up to 35%. Long-term capital gains (assets held for more than one year) are taxed at 0%% for taxpayers in the 10% and 15% tax brackets and 15% for taxpayers in the 25%, 28%, 33%, and 35% tax brackets. The 0% tax rates for those in the 10% and 15% tax brackets was a special provision in the bush-era tax cuts which were extended to 2013.

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Re: 15% vs 35%

Post  danlourie on Mon Sep 05, 2011 5:20 pm

Please be extremely careful thinking you don't have to pay taxes until 04/12 - there are specific financial 'events' that trigger the requirement for estimated quarterly taxes to be paid - your accountant or tax attorney needs to weigh in on your specific situation. Failure to pay quarterly estimated taxes if needed will result in penalties - that's the last thing I want to pay!!

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