capital gain

[JackieMooooon]

does any1 know if we could claim capital gain on our taxes when the RV/RI happens?

[joe liberst]

I am leaning towards regular income, but I suggest you talk to a tax attorney. A good place to search for qualified lawyers is Martindale.com, it is the google search for lawyers.

[jbbdolphins]

In a way we are lucky that the RV didn't happen 2010....we now have over a year to get answers and finances to pay what taxes we will owe. I do advice a good tax attorney and/or a good accountant. I don't know how much you will have after the RV, but you are already asking the right questions. Good Luck and let's hope that the RV comes soon. I found a neonatal incubator that I want to send to Peru to a small village and hope that I can send it soon before someone else snatches it up. You also have the time to search for a good attorney and a good accountant. Best of the New Year.

[unit5306]

My Aunt was an IRS auditor for 30 yrs, she recently retired 3 years ago. I told her about our investment, and inquired as to whether it would be cap gains or income. She stated it "SHOULD" be cap gains, but "if u going to make as much as you think you are don't be surprised if Uncle Sam finds a loophole somewhere. That was her exact statement. She also confirmed what others were saying in that defintely go to a tax attorney and not a just a cpa, because a cpa probably wont be up to date on new tax laws.

[Inspectdinar]

Jackie, If you would search previous post, You will find the answers to your questions. It has been discussed many times.