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Can capital gain from stocks offset loss of interest paid on margin balance to make filer eligible for EIC?
May 1st
INTEREST PAID ON MARGIN BALANCE =23000
CAPITAL GAIN FROM STOCKS =13000
LOSS =10000
WILL FILER QUALIFY FOR EIC?
THANKS FOR REPLIES.
JOINT FILER WITH 2 MINOR CHILDREN.
BELOW IS THE SELF PREPARED WORKSHEET.
RETURN NOT SUBMITTED YET. INTEREST PAID ON MARGIN BALANCE IS $23000 NOT INCLUDED IN WORKSHEET.
BEING NOT SURE, EIC NOT CLAIMED BECAUSE OF CAPITAL GAIN OF $13715
IN THIS SITUATION DO I QUALIFY FOR EIC IN ANY WAY?
business income =16239
capital gain =13715
total income =32384
one-half of self emp. tax =1148
AGI =31236
STANDARD DED. APPLIED =10700
EXCEPTIONS CLAIMED =17000
TAXABLE INCOME =3536
TAX =244
SELF EMP. TAX SCH.SE =2295
ADDTL. CHILD TAX CR.8812 =501
TAX I OWE =1794
How much tax one has to pay on the long term capital gain in USA?
May 1st
I have been holding a companies stock for past 1 year.
Can somebody tell me whether it qualifies for long term investment and how much % I need to pay as tax on this long term gain
Can I offset a shortterm capital gain of OVER $3K, with a capital loss carryover from previous years?
Apr 28th
I have a shortterm capital loss carryover of about $25K from earlier years of investing in stocks.
I’ve been deducting the standard $3K yearly from ordinary income as I don’t play the market much any more.
If I were to play the market again and show a shortterm capital gain of $25K this year, wouldn’t I be able to offset the ENTIRE amount and hold onto the entire gain??
I’m pretty sure I can, but my friend says I can’t, and even his CPA supports him. Who is correct??? Shouldn’t he get a new CPA?? 
Can I sell my stock back to my privately held C-corp as a way to pay capital gains tax rather than income tax?
Apr 25th
I am the lone shareholder of an Oregon C-Corporation that was established in 1996. If I sell the assets of the corporation — which would leave the corporation with several hundred thousand dollars in cash — can I sell my shares back to the company and simply pay capital gains tax on my shares… rather than having to receive the distribution of cash from the company as regular income (at a higher tax rate)?
