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Non-Cattle Specific Topics
Coffee Shop
Capitial Gains
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<blockquote data-quote="Caustic Burno" data-source="post: 908016" data-attributes="member: 694"><p>I feel your pain the taxed the he!! out of the Mickey D's stock sale , I bought the Hartford at 28 and it is 20 so I can't sell till it comes back up. But then the AMT formula enter's in and they break it off in you, the Alternative Minimum Tax Here's how it works. For every $1,000 of added long-term capital gain, your regular income tax goes up by $150 (15%). When we move over to the AMT, the same $1,000 is taxed at 15%, but in addition eliminates $250 of your exemption amount, because the exemption is phased out at a rate of 25%. The exemption amount is used to reduce the amount of tax you pay on your ordinary income (the income that is taxed at either 26% or 28% under the AMT). So your tax under the AMT rules goes up by about $70, which is 28% of this added $250. You didn't really add another $250 of income, but your exemption amount went down by $250, and that exposed another $250 of your existing income to tax under the AMT</p><p></p><p>Got us going and coming.</p></blockquote><p></p>
[QUOTE="Caustic Burno, post: 908016, member: 694"] I feel your pain the taxed the he!! out of the Mickey D's stock sale , I bought the Hartford at 28 and it is 20 so I can't sell till it comes back up. But then the AMT formula enter's in and they break it off in you, the Alternative Minimum Tax Here's how it works. For every $1,000 of added long-term capital gain, your regular income tax goes up by $150 (15%). When we move over to the AMT, the same $1,000 is taxed at 15%, but in addition eliminates $250 of your exemption amount, because the exemption is phased out at a rate of 25%. The exemption amount is used to reduce the amount of tax you pay on your ordinary income (the income that is taxed at either 26% or 28% under the AMT). So your tax under the AMT rules goes up by about $70, which is 28% of this added $250. You didn't really add another $250 of income, but your exemption amount went down by $250, and that exposed another $250 of your existing income to tax under the AMT Got us going and coming. [/QUOTE]
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