[Hobie]

North county is on tiered water rates. Time for some long showers! 😉 250$worth. How much is your security deposit?

[Hobie]

North county is on tiered water rates. Time for some long showers! 😉 250$worth. How much is your security deposit?

[Hobie]

[quote=SK in CV]The income level is without regards to wages or other business income. If you earn $400,000 a year from a job, and a have a few bucks in interest income, this tax will not apply.[/quote]

Can you clarify this please. I read the text to intend the gain from a property sale was added to my salary to determine the adjusted gross income and that total is looked at when the tax is imposed. Thank you for helping me understand.

Here is the text:
from page 946:

‘‘SEC. 1411. IMPOSITION OF TAX.
‘‘(a) IN GENERAL.—Except as provided in subsection (e)—
‘‘(1) APPLICATION TO INDIVIDUALS.—In the case of an individual,
there is hereby imposed (in addition to any other tax
imposed by this subtitle) for each taxable year a tax equal to
3.8 percent of the lesser of—
‘‘(A) net investment income for such taxable year, or
‘‘(B) the excess (if any) of—
‘‘(i) the modified adjusted gross income for such
taxable year, over
‘‘(ii) the threshold amount.

[Hobie]

[quote=SK in CV]The income level is without regards to wages or other business income. If you earn $400,000 a year from a job, and a have a few bucks in interest income, this tax will not apply.[/quote]

Can you clarify this please. I read the text to intend the gain from a property sale was added to my salary to determine the adjusted gross income and that total is looked at when the tax is imposed. Thank you for helping me understand.

Here is the text:
from page 946:

‘‘SEC. 1411. IMPOSITION OF TAX.
‘‘(a) IN GENERAL.—Except as provided in subsection (e)—
‘‘(1) APPLICATION TO INDIVIDUALS.—In the case of an individual,
there is hereby imposed (in addition to any other tax
imposed by this subtitle) for each taxable year a tax equal to
3.8 percent of the lesser of—
‘‘(A) net investment income for such taxable year, or
‘‘(B) the excess (if any) of—
‘‘(i) the modified adjusted gross income for such
taxable year, over
‘‘(ii) the threshold amount.

[Hobie]

[quote=SK in CV]The income level is without regards to wages or other business income. If you earn $400,000 a year from a job, and a have a few bucks in interest income, this tax will not apply.[/quote]

Can you clarify this please. I read the text to intend the gain from a property sale was added to my salary to determine the adjusted gross income and that total is looked at when the tax is imposed. Thank you for helping me understand.

Here is the text:
from page 946:

‘‘SEC. 1411. IMPOSITION OF TAX.
‘‘(a) IN GENERAL.—Except as provided in subsection (e)—
‘‘(1) APPLICATION TO INDIVIDUALS.—In the case of an individual,
there is hereby imposed (in addition to any other tax
imposed by this subtitle) for each taxable year a tax equal to
3.8 percent of the lesser of—
‘‘(A) net investment income for such taxable year, or
‘‘(B) the excess (if any) of—
‘‘(i) the modified adjusted gross income for such
taxable year, over
‘‘(ii) the threshold amount.

[Hobie]

[quote=SK in CV]The income level is without regards to wages or other business income. If you earn $400,000 a year from a job, and a have a few bucks in interest income, this tax will not apply.[/quote]

Can you clarify this please. I read the text to intend the gain from a property sale was added to my salary to determine the adjusted gross income and that total is looked at when the tax is imposed. Thank you for helping me understand.

Here is the text:
from page 946:

‘‘SEC. 1411. IMPOSITION OF TAX.
‘‘(a) IN GENERAL.—Except as provided in subsection (e)—
‘‘(1) APPLICATION TO INDIVIDUALS.—In the case of an individual,
there is hereby imposed (in addition to any other tax
imposed by this subtitle) for each taxable year a tax equal to
3.8 percent of the lesser of—
‘‘(A) net investment income for such taxable year, or
‘‘(B) the excess (if any) of—
‘‘(i) the modified adjusted gross income for such
taxable year, over
‘‘(ii) the threshold amount.

[Hobie]

[quote=SK in CV]The income level is without regards to wages or other business income. If you earn $400,000 a year from a job, and a have a few bucks in interest income, this tax will not apply.[/quote]

Can you clarify this please. I read the text to intend the gain from a property sale was added to my salary to determine the adjusted gross income and that total is looked at when the tax is imposed. Thank you for helping me understand.

Here is the text:
from page 946:

‘‘SEC. 1411. IMPOSITION OF TAX.
‘‘(a) IN GENERAL.—Except as provided in subsection (e)—
‘‘(1) APPLICATION TO INDIVIDUALS.—In the case of an individual,
there is hereby imposed (in addition to any other tax
imposed by this subtitle) for each taxable year a tax equal to
3.8 percent of the lesser of—
‘‘(A) net investment income for such taxable year, or
‘‘(B) the excess (if any) of—
‘‘(i) the modified adjusted gross income for such
taxable year, over
‘‘(ii) the threshold amount.

[Hobie]

Guess I fell for the rhetoric during the campaign promising not increase on taxes if you make under $200k. Very short sighted of me to think of this as salary only. Silly me.

-Once burn’t always learn’t. See you at the polls.

@formerSD. True, but this on top of capital gains tax increasing if Bush’s cuts are allowed to expire will most certainly keep a damper on investment. Just don’t see these policies as trying to help grow our economy.

[Hobie]

Guess I fell for the rhetoric during the campaign promising not increase on taxes if you make under $200k. Very short sighted of me to think of this as salary only. Silly me.

-Once burn’t always learn’t. See you at the polls.

@formerSD. True, but this on top of capital gains tax increasing if Bush’s cuts are allowed to expire will most certainly keep a damper on investment. Just don’t see these policies as trying to help grow our economy.

[Hobie]

Guess I fell for the rhetoric during the campaign promising not increase on taxes if you make under $200k. Very short sighted of me to think of this as salary only. Silly me.

-Once burn’t always learn’t. See you at the polls.

@formerSD. True, but this on top of capital gains tax increasing if Bush’s cuts are allowed to expire will most certainly keep a damper on investment. Just don’t see these policies as trying to help grow our economy.

[Hobie]

Guess I fell for the rhetoric during the campaign promising not increase on taxes if you make under $200k. Very short sighted of me to think of this as salary only. Silly me.

-Once burn’t always learn’t. See you at the polls.

@formerSD. True, but this on top of capital gains tax increasing if Bush’s cuts are allowed to expire will most certainly keep a damper on investment. Just don’t see these policies as trying to help grow our economy.

[Hobie]

Guess I fell for the rhetoric during the campaign promising not increase on taxes if you make under $200k. Very short sighted of me to think of this as salary only. Silly me.

-Once burn’t always learn’t. See you at the polls.

@formerSD. True, but this on top of capital gains tax increasing if Bush’s cuts are allowed to expire will most certainly keep a damper on investment. Just don’t see these policies as trying to help grow our economy.

[Hobie]

from page 946:

‘‘SEC. 1411. IMPOSITION OF TAX.
‘‘(a) IN GENERAL.—Except as provided in subsection (e)—
‘‘(1) APPLICATION TO INDIVIDUALS.—In the case of an individual,
there is hereby imposed (in addition to any other tax
imposed by this subtitle) for each taxable year a tax equal to
3.8 percent of the lesser of—
‘‘(A) net investment income for such taxable year, or
‘‘(B) the excess (if any) of—
‘‘(i) the modified adjusted gross income for such
taxable year, over
‘‘(ii) the threshold amount.

Question for the tax pros – Suppose I sell a property and have a capital gain which is listed in my adjusted gross income. Under section B that capital gain is added to my normal income when determining the threshold amount. Then tax is applied to the amount above $250k. Is this correct?

If so, this is a sneaky way to base load the tax floor.

[Hobie]

from page 946:

‘‘SEC. 1411. IMPOSITION OF TAX.
‘‘(a) IN GENERAL.—Except as provided in subsection (e)—
‘‘(1) APPLICATION TO INDIVIDUALS.—In the case of an individual,
there is hereby imposed (in addition to any other tax
imposed by this subtitle) for each taxable year a tax equal to
3.8 percent of the lesser of—
‘‘(A) net investment income for such taxable year, or
‘‘(B) the excess (if any) of—
‘‘(i) the modified adjusted gross income for such
taxable year, over
‘‘(ii) the threshold amount.

Question for the tax pros – Suppose I sell a property and have a capital gain which is listed in my adjusted gross income. Under section B that capital gain is added to my normal income when determining the threshold amount. Then tax is applied to the amount above $250k. Is this correct?

If so, this is a sneaky way to base load the tax floor.

[Hobie]

from page 946:

‘‘SEC. 1411. IMPOSITION OF TAX.
‘‘(a) IN GENERAL.—Except as provided in subsection (e)—
‘‘(1) APPLICATION TO INDIVIDUALS.—In the case of an individual,
there is hereby imposed (in addition to any other tax
imposed by this subtitle) for each taxable year a tax equal to
3.8 percent of the lesser of—
‘‘(A) net investment income for such taxable year, or
‘‘(B) the excess (if any) of—
‘‘(i) the modified adjusted gross income for such
taxable year, over
‘‘(ii) the threshold amount.

Question for the tax pros – Suppose I sell a property and have a capital gain which is listed in my adjusted gross income. Under section B that capital gain is added to my normal income when determining the threshold amount. Then tax is applied to the amount above $250k. Is this correct?

If so, this is a sneaky way to base load the tax floor.

[Author]

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