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Showing results for tags 'But Do Your Homework'.
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I have known that the taxes for our investment will be capital gain but just wanted to confirm it again with my accountant. He still says capital gain if you treat your investment as an investment and if you have been holding it more than a year. The new capital gain rules is.. if you make under $450,000, the capital gain will be 15% plus state tax if any. If you make more than $450,000 (which we all will be), then the capital gain will be 20% plus state tax. I know there are a lot of arguments on whether it's capital gain or ordinary income. If you see it, from trading currency, because you buy and sell rapidly, then it can be taxed as ordinary income. I am going to claim capital gain then put away the 20-25% extra in some mutual funds earning good interest. Just in case, I have to pay more, I have the funds to pay. If not, extra money in my pocket. I am not suggesting anyone to follow me on this one as each of us have to check with our accountant and financial planner. I am willingly pay Uncle Sam his fair share but not stupid enough to pay more than I have to. I have been working with my accountant for the last 15 years and I know he is an honest man so I trust him
