If you have some art, gold or silver, or other collectibles, and you sell them, don’t think the gains on these items will get the regular 15% (or in some cases, 0%) capital gains rates from the IRS. In fact, they can be taxed up to a max of 28%. Here is a link to the IRS rules on collectibles:http://www.irs.gov/taxtopics/tc409.htmlLet me know if you are thinking of selling something and we can figure out how much tax you may owe.Email me at bstonercpa@sbcglobal.net and we can talk about it.
Brian’s General Musings
Hey, today my semi-monthly e-newsletter comes out. It talks about the art of the upsell and also gives props to two professionals I work with and trust. You can sign up for my newletter on my website www.briantstonercpa.com or email me with a request to joi n at bstonercpa@sbcglobal.net and I will add you to the list of people who get my newsletter. The price is right (free) and you can get something to think about twice a month.
Brian’s Tax Musings
If you are retired and receiving social security, remember these benefits are not necessarity tax free. If you have other investment income, even if you are not working, you might have up to 85% of your benefits subject to federal income taxes. You can email me at bstonercpa@sbcglobal.net and we could do a calculation to see if any of your benefits may be taxable.