Quote:
Originally Posted by Tron_fdc
My bro is an accountant, and he said that you would take your purchase price, add in any costs over the year (interest, maintenance, etc), subtract it from your sale price, which will give you the yearly income. Take the yearly income, divide it by 2, and tht's what you pay tax on (no ida what rate it's at though).
At least that's how I understood it....
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Thats pretty much it. (Original Purchase Price + Expenses) - (Selling Price) = Capital Gains
Captial Gains/2 = Taxable Capital Gains
Taxable Capital Gains x Your Marginal Tax Rate = Impending Anal Rape
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