Re:wtfffff tax question
From what Ive gathered from my tax professional:
You declare all cashes on your front page for gross income, so in your case 600,000. You put all of your buy ins under your itemized deductions. So if you spent 600,000 on buy ins you put that there. Here's the kicker though. Depending on your tax bracket, your itemized deductions get phased out to a point. I'm not sure what % it is though. So in reality you broke even, but after the itemized deduction phase outs you might be stuck paying taxes on 20-30k. Like i said, I dont remember the exact %, but i know it made me take notice. You ...
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amills2186
Feb 10th, 2010 |
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amills2186
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amills2186
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amills2186
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amills2186
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amills2186
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amills2186
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amills2186
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amills2186
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amills2186
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amills2186
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amills2186
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