| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 75.1 | | SSBN1::YANKES | | Thu Feb 20 1992 13:37 | 26 |
|
Re: .0
Question 1: Yes. You made a profit, so it is a capital gain.
Question 2: If you're in the 28% bracket, you will have to pay
28% of the $3,000 profit. There is no difference
in the tax rates (at present) between earned income
and either short- or long-term capital gains.
Question 3: Yes and No. There is a cutoff between what is classed
as short-term or long-term capital gains (though I think
the cutoff is at 1 year right now), but both of these
categories are taxed at the same rate. (There are
differences in how losses are handled which is why the
classification still exists.)
Question 4: Same rate. For you (from your first question), 28%.
P.S. question: Nope, I've never heard of the IRS distributing state
tax forms. Post offices usually stock both the Federal
and local state forms, however, so check there. If
that fails, libraries usually have a set that you can
copy.
-craig
|
| 75.2 | | NOTIME::SACKS | Gerald Sacks ZKO2-3/N30 DTN:381-2085 | Thu Feb 20 1992 14:27 | 5 |
| If your local bank or library doesn't have the particular state tax form
you want, there's usually a phone number on the tax forms they *do* have
(or the package you received in the mail). I find it's much easier to
order tax forms by phone than to hunt for them. BTW, the IRS forms number
is 800-TAX-FORM.
|
| 75.3 | sore fingers! | CADSYS::HECTOR::RICHARDSON | | Fri Feb 21 1992 08:43 | 4 |
| Good luck trying to get through to 800-TAX-FORM - hope your phone has a
"redial" button!
/Charlotte
|
| 75.4 | State forms not so easy | ELWOOD::KAPLAN | Larry Kaplan, DTN: 237-6872 | Fri Feb 21 1992 12:34 | 7 |
| Also, Mr. Sacks, the 800-TAX-FORM number is only for federal forms.
I had a miserable time getting MA State forms this year (they sent me
the wrong flavor). I tried all the recommended places (Town Hall,
Banks, etc.) Finally, I succeeded in the Marlboro Public Library.
L.-who-has-already-received-his-Fed-Refund :-)
|
| 75.5 | When do you pay Capital Gains?? | SOLVIT::AR5LGT::MERRILL | Nature is a Mother | Fri Feb 21 1992 13:26 | 18 |
|
A question on Capital Gains in an individual account.
Are profits earned in a Mutual Fund taxed then they are transferred
from one fund to another within a fund group???
Example:
$5000 including profits of $2000 made in the Financial
Strategic Technology Mutual Fund is transferred to Financial
Industrial Income Mutual Fund. (Funds in the same group)
Is the $2000 taxable at the time of the transfer or upon withdrawing
from the Industrial Income Mutual Fund.
Many Mutual Funds allow the transfer of money from one fund to another
one (within their umbrella of funds) with small of no transfer fees.
|
| 75.6 | | NOTIME::SACKS | Gerald Sacks ZKO2-3/N30 DTN:381-2085 | Fri Feb 21 1992 13:31 | 13 |
| re .4:
> Also, Mr. Sacks, the 800-TAX-FORM number is only for federal forms.
Since I said it was the IRS number, and .1 said the IRS doesn't distribute
state tax forms, I thought this was obvious.
> I had a miserable time getting MA State forms this year (they sent me
> the wrong flavor). I tried all the recommended places (Town Hall,
> Banks, etc.) Finally, I succeeded in the Marlboro Public Library.
Dept of Revenue is (617) 727-4545. They also have district offices.
Check your blue pages.
|
| 75.7 | | VMSDEV::HAMMOND | Charlie Hammond -- ZKO3-04/S23 -- dtn 381-2684 | Fri Feb 21 1992 14:51 | 14 |
| > Are profits earned in a Mutual Fund taxed then they are transferred
> from one fund to another within a fund group???
Yes.
Also, both dividends and capital gains are taxed when they are
re-invested in the same fund.
Exception: Funds held in an IRA account are not taxed until
withdrawn. In an IRA profits and/or principal can be re-invested
and/or transferred within and/or between fund groups and/or other
investments� without being taxed.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
� not all types of investments can be held in an IRA account.
|
| 75.8 | | VAXWRK::SWARD | Common sense is not that common | Mon Nov 23 1992 14:14 | 8 |
| re .1
Could someone enlighten me as to what the difference is between short
term capital gain and long term capital gain? I know that profit are
taxed the same but .1 mentions that they are handled differently for
losses...
Peter
|
| 75.9 | 28% on "D" if you're a 31% payer... | VMSNET::S_SOVEREIGN | Once a knight is enough (?) | Mon Nov 23 1992 16:12 | 12 |
| Holding period determines 'term'. Held *more* than 1 year == 'long
term' Held 1 year or less == 'short term'.
If you're in the 31% bracket, there is a way to figure your capital
gains tax on the Schedule D and only pay 28% on the gain instead of the
31% rate. I can't remember right now if that only applies to long-term
gains, or if it applies equally to all gains. Take a peek at a "D"...
The 28% 'sidestep' is found on the back page and will tell you which
number from page 1 you pick up. (I think that short-term gain pays
31%, but I'm not sure without checking the form.)
SteveSov
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