Taxes and the K-1?

Discussion in 'Taxes and Accounting' started by pdwst33, May 17, 2007.

  1. for us retail traders..we pay what?..40% tax on market gains? :mad:
     
    #11     May 17, 2007
  2. Surdo

    Surdo

    Some of us actually own home(s) and have "business" expenses kid. Where are you getting your numbers from?

    el surdo
     
    #12     May 17, 2007
  3. C99

    C99

    It's progressive- you only pay the 28% on income over $74k, not all the income. Add in deductions and I think I gave you a good guestimate earlier. I fall into the 33% bracket and I told you I paid an effective rate of under 13% including state taxes. 15-20% will work for planning purposes.
     
    #13     May 17, 2007