Re: Capital Gains Tax question -- Cox Business Accountants

[ Show ]

Support VoyForums

[ Shrink ]

VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time ]

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: Tuesday, April 02, 10:27:41am
Author: Chankhana
Subject: Re: Capital Gains Tax question
In reply to: John 's message, "Capital Gains Tax question" on Friday, March 29, 08:05:38am

If you sell your shares now, the proceeds for your shares will be $4250. This will give you a profit of $1825 which will be your capital gains. However, since these shares were in your posession for more than 12 months, you will receive a discount of 50%. This will reduce your capital gains to $912.

Depending on your income, this $912 will be taxed at your income range tax rate. If your income was between $6000 and $20000, the capital gains will be taxed at 17%, which equals a tax amount of $155. If your taxable income was between $20000 and $50000, the capital gains will be taxed at 30%, which equals $273.60. If your income was between $50000 and $60000, the capital gains will be taxed at 42%, which equals $383. Finally, if your income is above $60000, your capital gains will be taxed at the highest rate of 47%, which equals $428.64.

I hope this answers your question John. If you would like further information please feel free to contact us again.

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Replies:

Re: Capital Gains Tax question -- John, Saturday, April 06, 01:32:48pm