Quote:
Originally Posted by MATCHBX
You pay capital gains at the end of the tax year on anything higher than your regular income if I remember correctly. My mother had to go out and buy a new car in 2001 with what was left over from when she refinanced her home. If she hadn't, she would've been hit with capital gains on what was left.
|
YOU HAVE NO IDEA AT ALL WHAT CAPITAL GAINS TAX IS.
If you want to post about it, do some reading first. A house refinance is not a taxable event, buying a car is not a tax deduction, and capital gains has nothing to do with a higher than regular income.
Threaded Mode