Yesterday's WSJ article on a 0% cap gains rate since 2008

SoCalOptionsWriter said:
Yeah, guys I wish I could post the link, but I figure most folks don't have a WSJ subscription. Not a back door Roth. Apparently only like 7% of taxpayers use it. I think the catch is you cant have too much earned income in addition to the cap gains. It's for folks who mostly have cap gains to live off of, for the time being.
More...
%%
I seldom used the online version when i had the paperWSj/even when entitled to it.
Lot of good ways to save on taxes\ dont liVe in a HI tax state.
Use the good mileage +drive with cruze c set on 50\4 cylinder.Less gas tax.
EV saves good on gas tax but i would rather pay some gas tax, not CA tax:D:D
 
countryBoy641 said:
Who can live on $60K/year total income?
More...
My basic household expenses are under 30k. Paid for home, paid for vehicle, and no debt. My income is higher than the threshold for this "0%" tax but I assure you people that live in low cost of living areas can survive just fine with an income of under 60k easily.
 
countryBoy641 said:
Yes, I have asked about that too.
I file Estimated tax returns every JAN 15.
i had seen that 0.00% Long term cap gains rate.
I asked the CPA who prepares my taxes.
His explanation: The "cap" for zero rate on LTCG is about $60,000 total taxable income (slightly more for Joint filers).
Who can live on $60K/year total income?
Nobody I know.
My guess, the heavily advertised 0.00% Cap Gains rate is a headline without a story.
More...
My understanding is the cap means the first 60 percent gets the special tax treatment. Amounts over that are just not eligible. It’s not a disqualifier for the whole amount.
 
Last edited:
You must log in or register to reply here.
Back
Top