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Feb 12th, 2024
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 Re: Selling the ranch - Taxes?
[Re: JohnRussell]
#7247635
08/07/18 02:21 AM
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Joined: Aug 2004
Posts: 17,721
Txduckman
THF Celebrity
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THF Celebrity
Joined: Aug 2004
Posts: 17,721 |
Indeed. 
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Re: Selling the ranch - Taxes?
[Re: DocHorton]
#7247976
08/07/18 02:12 PM
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Joined: Jan 2007
Posts: 8,796
GOLDSTEIN
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jan 2007
Posts: 8,796 |
I answered the question correctly, sorry you don’t understand why.
Long term capital gains are not at the effective rate. Could be close though but not exact. Long term capital gains are taxed at 0%, 15% or 20% depending on your bracket aka marginal rate. The effective is just a total average but not the same as a long term capital gain rate. Please explain your answer. Pitchfork knows what long term capital gains are. You are just not reading the way it is written. He didn't say "AT" any rate. So please explain what this means..."Long term capital gain will be the effective tax rate." Are you saying that long term capital gains rate will be equivalent to the effective tax rate of the individual? No. I’m saying y’all are not reading the way it was written. He didn’t say he would be taxed “AT” his effective tax rate. You are reading it as Pitchfork using “effective tax rate” as a specific number. Meaning, at the end of my 1040, my “effective tax rate” was x% when all was said and done. The way this is actually written is this: there were 2 tax classifications mentioned throughout. People were discussing ordinary income tax & short term capital gains (10, 12, 22, 24, 32, 35, 37) as well as long term capital gains (0, 15, 20). Pitchfork simply said that between the two, the LTCG (0, 15, 20) would be the one effective for the question at hand. Again, he said “the effective” meaning it will be LTCG. He did not say “AT his effective” which is something completely different.
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Re: Selling the ranch - Taxes?
[Re: JohnRussell]
#7248003
08/07/18 02:33 PM
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Joined: May 2007
Posts: 1,499
JohnRussell
OP
Pro Tracker
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OP
Pro Tracker
Joined: May 2007
Posts: 1,499 |
Oh my lord...I did not mean to start a huge debate.. lol
The tax folks will look at what I made on the sale... look at what I make already.. add the two.. tax accordingly.
I meant it to be more about long term vs short term.. but I figured out I was already correct as I have owned it over a year.. long term.
Thanks folks!
R
Hunting is easy..it's getting permission from your wife that is tough.
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Re: Selling the ranch - Taxes?
[Re: GOLDSTEIN]
#7248058
08/07/18 03:28 PM
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Joined: Dec 2010
Posts: 8,841
DocHorton
THF Trophy Hunter
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THF Trophy Hunter
Joined: Dec 2010
Posts: 8,841 |
Long term capital gains are not at the effective rate. Could be close though but not exact. Long term capital gains are taxed at 0%, 15% or 20% depending on your bracket aka marginal rate. The effective is just a total average but not the same as a long term capital gain rate.
Please explain your answer.
Pitchfork knows what long term capital gains are. You are just not reading the way it is written. He didn't say "AT" any rate. So please explain what this means..."Long term capital gain will be the effective tax rate." Are you saying that long term capital gains rate will be equivalent to the effective tax rate of the individual? No. I’m saying y’all are not reading the way it was written. He didn’t say he would be taxed “AT” his effective tax rate. You are reading it as Pitchfork using “effective tax rate” as a specific number. Meaning, at the end of my 1040, my “effective tax rate” was x% when all was said and done. The way this is actually written is this: there were 2 tax classifications mentioned throughout. People were discussing ordinary income tax & short term capital gains (10, 12, 22, 24, 32, 35, 37) as well as long term capital gains (0, 15, 20). Pitchfork simply said that between the two, the LTCG (0, 15, 20) would be the one effective for the question at hand. Again, he said “the effective” meaning it will be LTCG. He did not say “AT his effective” which is something completely different. That makes more sense now, although I think it could have been worded better to clarify. Thanks for the explanation.
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