Or do you suggest I invest this money somewhere to avoid taxes? All I need to know is how much taxes would owe to the gov't? Is it a flat rate or depends on my situation?
2007-01-19 04:45:58 · 4 answers · asked by Canvas 1 in Business & Finance ➔ Taxes ➔ United States
Long term gains are currently taxed at 15%. I think I would pay it now. With the democrats in power the capital gains tax will likely be going up and when you eventually do have to pay tax it will be higher.
It certainly will never be lower.
2007-01-19 04:50:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Always depends on your situation. Despite any legal advice you get here on Yahoo, you shoul seriously considering talking with a lawyer in your state. There are far too many factors to consider and at least you can hold them responsible for bad info. Do not use the cost of a lawyer as an excuse not to use one as they can and will probably save you more money than you pay out and probably some time and trouble as well. Good luck!
2007-01-19 12:49:16 · answer #2 · answered by CSUflyer 3 · 0⤊ 0⤋
1) The only way to avoid the taxes is to do a 1031 exchange. You can not receive any cash.
2) While the capital gains rate is only 15%, the depreciation recapture rate is 25%.
3) See a professional to do your taxes this year!
2007-01-19 13:07:35 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋
You are wide open for a lawsuit from somebody, somehow. I mean it sounds like you don't have any professional adice for the many questions you'll have, and the many things you should have, etc.!! You HAVE to have a good, I said GOOD, lawyer. Have him take care of your situations. You better get a good lawyer....remember...a GOOD lawyer!
2007-01-19 12:52:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋