Is there any thing i can do to avoid writing a check to the irs for such a large amount from 160k short term capital gains? is there not a loop, giving a gift under 10k, or something to offset this large great tax Slam?Even donating to My IRA cannot be claimed im assuming cause im phased out due to my Adjusted Gross Income. Is there something like opening a tax free account before years end with some of the cap gain or something else to cut back the tax rate which i believe will be 28%?? Thank You
Tell you what, GreatWideOpen, let's trade incomes. I'll take yours and pay a marginal rate of 36%, and you take mine and pay a marginal rate of 28%.Even better, why don't you trade with someone like spideywmn. She has to get up very early in the morning to deliver the papers, then get breakfast for the children, make sure the accounts are all straight, and so on. I do not know, but my suspicion is that spideywmn is in the 15% bracket.Actually the more I think of it the more I think that your trading with spideywmn is a great idea. Happy Valentine's Day.
I suggest investing a very small percentage of your gain in a conversation with a CPA.
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