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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Tommaso who wrote (77930)	1/15/2007 4:39:37 PM
From: Wyätt Gwyön	Read Replies (2) of 206179

And even at a 15% long term rate (boosted to 22.5% by my state taxes) my capital gains on that position are just too big to pay taxes on. state taxes aside, your actual federal taxes could be quite a bit higher than the widely advertised 15% LTCG rate. the reason is, you could get hit by the AMT. the AMT is in the process of grabbing almost everybody with income over 150K. i thought i was safe because i didn't have state income tax deductions, but i got caught in 2006 due to LTCG. i thought i would only have to pay 15% because the gains were long term, but i ended up having to pay a lot more. i think anybody wanting to take huge LTCG with the idea that they will only pay 15% should figure out with a tax advisor IN ADVANCE whether they will get hit by AMT, and how big the hit will be.

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