POSSIBLE TAX INFORMATION FOR MY AMERICAN FRIENDS

[BETTYBOOP]

I have put this in rumours because we don't know what taxes we or may not need to pay. I am in Scotland so we don't have seperate taxes from the rest of the UK. And we can earn up to 4000 pounds before we need to pay capital gains tax. This is over a year old and Sandy is pumping for buisness as well but I thought It might give some of you food for thought

[Luigi1]

Thanks BB for the info.

Nobody knows what changes are in the tax codes until it happens.

We must wait & see & go from there.

 

A good rule of thumb...set 50% of your RV aside for tax purposes.

Don't be foolish & spend it all down.

 

Even if the RV is a tax free event, we will still be paying taxes on all interests made, except for tax free or tax deferred investments.

[NWGUY]

I agree...set aside the 50%.   I have always been told it is considered ordinary income, but I just have a feeling the IRS will find a way to make it capital gains.  It will be interesting when it happens, but hey...even if they take half, I am still in a very comfortable place!   Don't be greedy or tricky with the IRS.   You might regret it!   Take your blessing, and move on!  

[Laid Back]

For that reason I paid Adam for VIP.

 

 

 

[NWGUY]

10 minutes ago, Laid Back said:

For that reason I paid Adam for VIP!" rel="">VIP.

 

 

 

 

Same here!  I will also stay in the group, for additional advice once we this event happens.  👍

[T B]

gotta pay them taxes, 10 percent man has already set it up to reap all he can for you rich new comers!  he! he! ya think hes been stealing and giving for nothing?  come on man!!!🤣

[yendor]

Personally,  I am figuring my net return as just 40%. That would cover (probably) all taxes  and bank fees and I would be tickled to get that. ⁷