1031 Specialists’ Post

Did you receive tokens through an airdrop? These are taxed as ordinary income when received, not when sold. (Yes, you read it correctly!) You might face capital gains exposure when you sell them later, so plan your tax liabilities carefully to stay ahead.

Another way to save on taxes Short term capital gains are gains on assets held for less than a year are taxed at your ordinary marginal tax bracket up to 37% on the federal level. Long term capital gains are gains on assets held for more than a year and get beneficial tax treatment Married filling jointly: Making less than $94K don't pay any taxes Making less than $518,900 pay 15% Making $518,901 or more will max out at 20% The long term capital gains tax applies to stocks, bonds, crypto and real estate among other assets, and can even apply to the sale of a business (although there are many other factors involved). So the next time you decide it’s time to sell an asset take note of how long it’s been since you bought it. It can potentially save you some change

One scenario where 1031 exchanges aren’t necessary? You inherit a property on a stepped up basis. In that case, you can either keep the property and enjoy the cash flow OR sell it and enjoy the gains previously generated tax free.

Do you know which Income Tax Return Form to file if you have done the following transaction during the year. 1. Sold a single stock or mutual fund 2. One single transaction of intraday trading 3. Single transaction of Virtual Digital Asset Be careful while choosing your income tax form, in case of incorrect form your ITR will be defective. Contact us to know more.

Capital Gains Tax is often a forgotten about tax that can come back and bite you. Assets such as crypto, buy-to-let properties and shares held outside of an ISA can be subject to CGT. With rates up to 24%, CGT can eat significantly into any profits realised upon sale. Fortunately, careful planning can be done to utilise your £3k annual CGT allowance and keep more of what you earn. In addition, using your spouse's allowance as well as your own can really lower the overall amount of tax paid. The following article gives some great tips on reducing CGT when married. As always, having a plan is key. #capitalgainstax #financialplanning #taxsaving

Intraday trading profits are taxed as business income, which means that they are taxed at the individual's marginal income tax rate. There is no separate tax rate for intraday trading profits. Traders must keep track of their trades and calculate their tax liabilities accurately to avoid any legal issues. #Compliancetips

US Investors Learn the Secret of the Rich! Save US Taxes on all your PROFITS with the Spendthrift Trust! #investors #stockmarketinvesting #realestateinvesting #NFT #sellingbusiness

Explaining the Provisions in regard to Taxability of Market Gains in the case of an Investor and Trader in the Capital Market, in an absorbing presentation on CNBC Awaaz Tax Guru Mukesh Patel highlights how enjoying a Dual Status can prove to be a Great Win-Win Situation in suitable cases, yielding attractive Tax Savings! https://lnkd.in/depCNHgt CAPITAL MARKET ~ TAX BENEFITS of DUAL STATUS - Both as Trader & Investor

Earning some extra cash on the side? 💼 The Trading Allowance can make it tax-free up to £1,000! Discover how this allowance applies to your income and how to make the most of it. Read the full article: https://buff.ly/3VSXMpq #SideHustle #TaxTips #TradingAllowance

The 1031 Exchange is one way to avoid paying taxes on capital gains. Here's a list of property types that apply to the rule. For more information on the 1031 exchange, give us a call at 📞 (610) 232-0011 or visit 💻 revxwealth.com. #wealth #1031exchange #realestate #invest #investing