Announcement

Collapse
No announcement yet.

New 0% capital gains wrinkle

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    New 0% capital gains wrinkle

    I get a phone call, client is clearly upset and has been reviewing their tax return;

    Client: I thought you told me that I wouldn’t be taxed on my capital gains this year.
    Me: That’s right; to the extent you are in the 15% bracket you have a 0% capital gains rate.
    Client: So why am I getting taxed at 28% on my capital gains?
    Me: Your not, you’re in the 15% bracket.
    Client: Right here on my tax return it says 28% and it’s been that way the whole time I’ve been getting these payments.
    Me: Where do you see 28% on your tax return?
    Client: Right there on line 19 on Form 6252.
    In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
    Alexis de Tocqueville

    #2
    Do we have the same client?

    Had a guy come back in with his return. Saw the pre-printed numbers on the 4562 for section 179 limits and thought his wife had gone behind his back (again) and bought their son another cabin...
    If you loan someone $20 and never see them again, it was probably worth it.

    Comment

    Working...
    X