Posts : 654
Join date : 2011-12-19
|Subject: And here is TONY'S Tax Counseling Thu Feb 13, 2014 1:48 pm|| |
|TAX BRACKET FOR YOU TO LOOK AT|
|Two (2) FINCEN forms have been provided by the IRS. Form 104 specifically identifies these transactions as “Currency Exchange” transactions.|
The proper and ONLY form is Form 104. 104 already states “Currency Exchange” in part II number 33.
The other FINCEN form refers to them as
|One of our members sent this to me.|
Most people are confused about the 50% and 100% May want to clarify. They need to understand and check their IRS Capital Gains table below. Plus it depends on your tax bracket where you fall.
here is a chart and online calculator that may help them.
|Here is a Calculator to determine.http://www.moneychimp.com/features/capgain.htm|
Here is a simple capital gains calculator, to help you see what effects the current rates will have in your own life. (Before you use it for the first time, you may want to check out an example with numbers already filled in.)
|Tax Bracket||Capital Gain Tax Rate|
|Short Term||Long Term|
|Your Federal Tax Bracket:||39.6353328251510%|
|Time from Purchase to Sale:||One Year|
|Your State Tax Rate:|
|Federal Capital Gains Tax Rate:*|
|Total Tax Due:||$||$|
|Net Sale After Tax:||$||$|
|Advantage of Waiting:|
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Posts : 5173
Join date : 2012-01-01
|Subject: Re: And here is TONY'S Tax Counseling Fri Feb 14, 2014 12:08 am|| |
Take care of the land and the animals and they will take care of you!
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