Taxes!
#12
I'm not a tax expert, but I do have a bachelor's degree in Finance. You might want to be careful with holding the securities, because the government MAY value them at their market value at the time you acquire them. If the bottom falls out and they become worthless, Uncle Sam will still want his share of the original value. That would really suck.
#13
Originally Posted by 1988RedT2' date='Jun 9 2004, 04:35 PM
I'm not a tax expert, but I do have a bachelor's degree in Finance. You might want to be careful with holding the securities, because the government MAY value them at their market value at the time you acquire them. If the bottom falls out and they become worthless, Uncle Sam will still want his share of the original value. That would really suck.
Let's do an example.
My great uncle buys a share of stock at $10.00, value is now $15.00, estate would pay tax based on the increased value, then the value is transferred to the inheriter. The inheriter will pay no tax on this money until it is drawn on, no matter what the value, the day he draws it... as far as I understand is income.
So if there were say 100 shares of this stock, transferred to my dad at $1,500 the value becomes $2,000 or $20.00 per share, he cashes it, he pays tax on the value of $20.00. If it goes down, to say $1,000 or $10.00 per share he cashes it he pays income tax on $1,000.
This is the way I understand, no matter what the transferred value of equities, when you go to cash in those equities you pay tax on the value at the time you cash it in.
The portfolio is sold, it made 9% last month which is great, now to figure out how to convert some of that stock to cash without getting killed on taxes.....I'll let you know what we find out on Friday.
#14
im going to take care of all those problems by burning everything i own and everyone that knows me so that noone has to pay taxes.
oh and i might as well die in the process too, silly me...all this red tape.
oh and i might as well die in the process too, silly me...all this red tape.
#15
Originally Posted by defprun' date='Jun 9 2004, 11:02 PM
im going to take care of all those problems by burning everything i own and everyone that knows me so that noone has to pay taxes.
oh and i might as well die in the process too, silly me...all this red tape.
oh and i might as well die in the process too, silly me...all this red tape.
ANYWAY
Is this tax in reference to capital gains tax?
#17
Which is why I don't want any Democrats voted into office. Bush could have taken more taxes away from the wealthier as far as i'm concerned, because it is ridiculous to be losing half of what you have if not more....just cause you have more.
#18
Republican or democrat, no one has really done much about taxes in the past 10 years, even the cookies that Bush tossed out effected a very limited amount of course you'll see a huge rebound on the stock market if a democrat gets into office, I would love to see the market shoot up
#19
Originally Posted by phinsup' date='Jun 10 2004, 07:02 AM
Republican or democrat, no one has really done much about taxes in the past 10 years, even the cookies that Bush tossed out effected a very limited amount of course you'll see a huge rebound on the stock market if a democrat gets into office, I would love to see the market shoot up
#20
Originally Posted by 94touring' date='Jun 10 2004, 08:33 AM
Hehe, your telling this to a guy who bought his 3rd gen strictly from profit gained on his stocks over the past year.
I've done well with the few bucks I have thrown at the market, but I would not feel comfortable playing with a portfolio of this size.