Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: mfishb Two stars, 250 posts Old School Fool Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: safe harbor scenario Date: 3/28/2000 7:47 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Thanks, Phil, for the reply. I am in awe at how quickly you respond.

~~As long as your 1999 AGI was under $150,000 yes. Actually, you only have to send 1/4 of the 1999 tax as a 4/15 year 2000
estimated tax payment. You can send the rest on the three other due dates.~~

I hadn't thought of that, but the amount is small enough that the interest or whatever on the couple of hundred dollars for a few months is not worth the extra effort/hassle of sending/remembering to send partial ES payments over the year.

As to your second reply:

~~Right. You would make minimal ES payments in the years that you are taking profits and pay the full balance with your return
(as long as it's under $1,000) in the years you don't.~~

I assume you mean here that the low year tax liability and, hence, the ES payment is under $1,000 and not the full balence. From my first example, the total tax in the profit-taking year is at least a few thousand dollars.

Thanks again,
-Menachem
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement