Finding The Best Solutions And Ideas For Planning For Your Retirement.
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Bought a plot for Rs650 in 1968. Selling it for Rs3.75lacs(market value) guide line value is Rs 6 lacs. How to calculate capital gains tax.
I have traded on a foreign exchange market for many months and I would like to become a professional. If I pay capital gains tax on my profits, will I also have to pay income tax? I would be really grateful if you could help me out on this one.
Subject: 2009 Taxes
This is not idle e-mail chatter, but actual facts from the candidates’ campaign speeches. When put into print, it becomes more of a reality. . .not just idle campaign blabbering.
Proposed Changes In Taxes After 2008 General Election:
CAPITAL GAINS TAX
MCCAIN – 15% (no change)
OBAMA – Increase to: 28%
How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.
DIVIDEND TAX
MCCAIN – 15% (no change)
OBAMA – Increase to: 39.6%
How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests di vidends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that ‘Higher tax rates on dividends and capital gains would crash the stock market yet do absolutely nothing to cut the deficit.’
INCOME TAX
MCCAIN – (no changes)
Single making 30K – tax ,500
Single making 50K – tax ,500
Single making 75K – tax ,750
Married making 60K- tax ,000
Married making 75K – tax ,750
Married making 125K – tax ,250
OBAMA – Increase to:
Single making 30K – tax ,400
Single making 50K – tax ,000
Single making 75K – tax ,250
Married making 60K – tax ,800
Married making 75K – tax ,000
Married making 125K – tax ,750
How does this affect you? No explanation needed.
INHERITANCE TAX
MCCAIN – 0% (No change, this tax has been repealed)
OBAMA – keep the inheritance tax
How does this affect you? Many families have lost businesses, farms and ranches, and homes that have been in their families for generations because they could not afford the inheritance tax.
NEW TAXES BEING PROPOSED BY OBAMA
* New government taxes proposed on homes that are
more than 2400 square feet
* New gasoline taxes (as if gas weren’t high enough already)
* New taxes on natural resources consumption ( (heating gas, water, electricity)
* New taxes on retirement accounts, and last but not least….
* New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!
Just think about it before you vote, it is your money
OLD PATRON- I am sorry that you are Chiefs fan. LOL…
NOVOICE- Your math is totally wrong. The top 5% of income makers pay in 95% all taxes collected. The top 1% of income makers pay in 49% of all taxes collected at the federal level. So you are wrong.
I would like to use the Warren Buffet approach with buying and honding for a long time, but if it gets time to diversify, is there a tax law that allows me to sell duds and buy promising stock without having to play capital gains tax?
I’m just getting started in the financial market and I was wondering if I’ll still have to pay the full 39% capital gains tax that is going back into affect at the end of the year.I thought I read somewhere that if you make under a certain amount you only pay the percent of your tax bracket.
Anyone know anything about this issue.This isn’t really a question for tax advice, but more for peace of mind for myself..
One is not guaranteed income off of investments like they are income there is risk involved.
Anyone can invest and take advantage of the capital gains tax rates you don’t have to be "rich".
Why shouldn’t people be taxed at a lower rate when they are taking risk and helping build the economy?
Ash: Did you know when you lose money you dont deduct that from your taxes you deduct it from your earnings so you still lose money! Geeze!
Yoda: You need to Google capital gains then get back with us…
And I only pay the capital gains tax on the money i made- is this before or after the broker fees? meaning, if i make 6% more on the sale than what i paid for it, but the broker fee is 6%, is there still considered a capital gain?
People talk about trust and change – while you should be looking at his ACTUAL plans. Those speak louder than anything.
Raising capital gains tax to 28% is excessive and will hurt all Americans – either directly or indirectly.
"Sayusa..": no offense but your answer makes you sound like a typical Liberal and is why Republicans think some Democrats have no brains.
Big difference between raising them "if necessary" up to 18% like Clinton, versus planning to purposely raise them to 28% like Obama.
An employee at US excercising and selling NQSO after three months of resignation, would it still be a part of ‘remuneration’ or taxed under ‘capital gains tax’
We want to sell a NYC studio coop that we have used as a week-end place for over 10 years. It is not and never has been our primary residence. We are residents of CT. We assume our "gains" will be about 0K. What tax rate will be used for federal taxes? And what about NY state? We do not file NY state taxes because we live in CT. Does CT have a capital gains tax?
My husband – a U.S. citizen, recently sold his portion of property in Greece that his father gave him over 25 years ago. Does he have to pay capital gains tax on the income from the sale of the property?
My head is spinning trying to read through all the tax laws!
Suppose I own some stock in a company. The value has gone up.
If I sell it, then donate to charity, I deduct the full value off my taxes. But I have to pay capital gains tax on the profits.
Suppose I donate the stock directly to the charity. The charity sells it. Can I deduct the full value of the stock? What about the capital gains tax – do I pay it? Does the charity? Or neither?
I’m investing in the stock market and wondered what is the difference between the rate I get taxed for my personal income (from my 9 to 5) and the rate for capital gains?
Also, what event triggers the capital gains tax rate to kick in?
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I purchased some tax free (Fed and state) municipal bonds a year ago. They are doing very well. I never bought any before so still am not sure how they function. As of now, the monthly interest goes right back into the total which I assume means that I’m buying more funds. I was wondering if there are any pros/cons as to whether to keep doing that or actually taking the monthly interest to pay my living expenses. Am I losing or gaining anything by doing that. Thanks!
Sorry, yes, I bought I guess what is a mutual fund group of tax free municipal bonds. I have asked my broker but I don’t get a really good answer. More or less says it is up to me but that doesn’t tell me the pros and cons. The interest just gets added to the total – it isn’t sent to me as of now.
What is NAV? And we are currently retired.
I was told that I could sell my bond funds at any time – there was no "maturity" date. Now I’m learning there could be capital gains tax on tax free municipal bond funds. That is a real bummer. Don’t think I would have bought them that being the case. I don’t want to sell when they are real low to lose money but don’t want to pay 15% on the increase of the value of the bonds either. Yikes!
Obama plans to help small business and cut or eliminate the capital gains tax. Do you think this is a good idea?
So Republicans think a tax cut is a bad idea? How odd?