This is a Public Service Announcement
Wingsrule
Posts: 3,001 ✭✭✭✭
So I’m sitting here tying up some last minute tax-related issues for 2011 and thought I would pass along some useless calculations to help out everyone who flipped 25th Anniversary sets or dumped a bunch of silver during the spring run-up.
Cost basis, 5 sealed sets: $1,500
Sold for: $3,000
Shipping: $50
Your profit: $1,450
Uncle Sam’s cut: $1,450 x 28% = $406
Cost basis, $100 FV 90% (spot = $10/oz): $715
Sold for (spot = $35/oz): $2,502.50
Shipping: $30
Your profit: $1,757.50
Uncle Sam’s cut: $1,757.50 x 28% = $492.10
Cost basis, 100 oz Engelhard bar: $1,650
Sold for: $3,850
Shipping: $25
Your profit: $2,175
Uncle Sam’s cut: $2,175 x 28% = $609
Note these are hypothetical examples only. Consult your tax advisor.
*Bonus points to anyone who can name the song that used this thread title as an intro…
Cost basis, 5 sealed sets: $1,500
Sold for: $3,000
Shipping: $50
Your profit: $1,450
Uncle Sam’s cut: $1,450 x 28% = $406
Cost basis, $100 FV 90% (spot = $10/oz): $715
Sold for (spot = $35/oz): $2,502.50
Shipping: $30
Your profit: $1,757.50
Uncle Sam’s cut: $1,757.50 x 28% = $492.10
Cost basis, 100 oz Engelhard bar: $1,650
Sold for: $3,850
Shipping: $25
Your profit: $2,175
Uncle Sam’s cut: $2,175 x 28% = $609
Note these are hypothetical examples only. Consult your tax advisor.
*Bonus points to anyone who can name the song that used this thread title as an intro…
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Comments
remember the backmasking on the ELO album?
one more bonus point.
As for the song, I immediately thought of the intro to "Know Your Rights" off of the Live from Here to Eternity album by the Clash although Strummer says "and now this public service announcement with guitar"...so probably not the song you are referring to.
I was thinking of the studio version, but that is the one. I wasn't quite sure how to display that chord right after "Announcement".
Oh, and I haven't sold so have not incurred a liability, yet.
bob
Unless I am mistaken (which is why I threw the 'tax advisor' comment in there) PM, coins, stamps, et al are treated as 'collectibles' and subject to a 28% tax. Income bracket has nothing to do with it.
The examples listed above are not specific to me, but the other stuff I was doing got me headed down this path.
<< <i>Unless I am mistaken (which is why I threw the 'tax advisor' comment in there) PM, coins, stamps, et al are treated as 'collectibles' and subject to a 28% tax. Income bracket has nothing to do with it. >>
If the holding period is less than one year, you are mistaken.
"How many times can a man turn his head and pretend he just doesn’t see?” - Bob Dylan
I 'created' an individual using a popular tax software package an input various scenarios relating to date of purchase and sale, gain amounts, etc, and regardless of the holding period, the total tax due did not change.
Using Schedule C with a created 'business' didn't help much because of the (I'm guessing) additional payroll / self-employment taxes.
This is why we have professionals. Your mileage may vary.
I sold my 25th Anniversary sets for $2000, so my taxes aren't but $100 after other expenses. So who's the smart one now?
Too many positive BST transactions with too many members to list.
I knew it would happen.
If your business through sch C is sole proprieter, and you have no employees (other than yourself), then no payroll taxes.