Taxes and the K-1?

[cashmoney69]

for us retail traders..we pay what?..40% tax on market gains?

 

[Surdo]

Quote from cashmoney69:

for us retail traders..we pay what?..40% tax on market gains?

Some of us actually own home(s) and have "business" expenses kid. Where are you getting your numbers from?

el surdo

 

[C99]

Quote from Daal:

Looking at wikipedia they say federal bracket is 28% for $74K-$158K

It's progressive- you only pay the 28% on income over $74k, not all the income. Add in deductions and I think I gave you a good guestimate earlier. I fall into the 33% bracket and I told you I paid an effective rate of under 13% including state taxes. 15-20% will work for planning purposes.