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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (77968)	1/15/2007 4:53:54 PM
From: ChanceIs	Read Replies (1) \| Respond to of 206179

>>>i think anybody wanting to take huge LTCG with the idea that they will only pay 15% should figure out with a tax advisor<<< I was always under the impression that LTCG were taxed at 15% period. Isn't there yet a lower rate for holding 5 years??? I am not saying that you are wrong. I know this much - I have an Ivy League diploma, and I can't make my eyes go over the AMT code as presented in the 1040 supporting materials and have clue what the IRS is trying to implement. It it wasn't for TurboTax, I couldn't do it. I don't think the IRS people understand it, and I don't think that tax advisors understand it. One can't plan for it. The freaking instructions just tell you enter this on Line 5 and that on line 11. Nowhere does it come out and state that AMT supercedes cap gains rates, although I wouldn't be surprised to learn that it does. You need a supercomputer to simulate every possibility before making a trade. I read somewhere that the cost of compliance with the tax code represents about 20% of every dollar collected. Example: In order for you to pay the IRS $1.00, you have to spend $0.20 composed of the value of your time, paper, computers, software, etc. People wonder why the US has a trade deficit.

To: Wyätt Gwyön who wrote (77968)	1/15/2007 5:26:04 PM
From: Cy B	Read Replies (1) \| Respond to of 206179

< the AMT is in the process of grabbing almost everybody with income over 150K. > This is totally false statement. As a tax preparer only about 3% of clients are effected by AMT. It depends on the sources of the income. Don't extrapolate your own situation to everyone else. Nevertheless you are correct that it is a good idea to determine before hand whether you are effected by the AMT and any tax program will do this automatically if you put the data in correctly.