Comments on: I know its late but i have a tax/childsupport question? http://www.taxlawlawyer.net/i-know-its-late-but-i-have-a-taxchildsupport-question/?utm_source=rss&utm_medium=rss&utm_campaign=i-know-its-late-but-i-have-a-taxchildsupport-question Tax Law Lawyer - How To Hire The Right Tax Law Lawyer By Asking These Questions Sat, 17 Mar 2012 13:28:45 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Martha A http://www.taxlawlawyer.net/i-know-its-late-but-i-have-a-taxchildsupport-question/#comment-2561 Martha A Sat, 28 Jan 2012 02:46:34 +0000 http://www.taxlawlawyer.net/i-know-its-late-but-i-have-a-taxchildsupport-question/#comment-2561 Yes that is a capital gain. Which is good. Lawyers can characterize things differently, but in this case why? A capital can is good. The top tax rate for a capital gain is 28% (and if I'm not mistaken, this would taxed at the lowest capital gain rate of 15%) If you reported that 60K as ordinary income it would probably push you into a different tax bracket (the highest tax bracket for ordinary income is 38%). And in any case, manipulating forms in an attempt to hid income will almost always lead to an audit, which is just a huge hassle. Yes that is a capital gain. Which is good. Lawyers can characterize things differently, but in this case why? A capital can is good. The top tax rate for a capital gain is 28% (and if I’m not mistaken, this would taxed at the lowest capital gain rate of 15%) If you reported that 60K as ordinary income it would probably push you into a different tax bracket (the highest tax bracket for ordinary income is 38%).

And in any case, manipulating forms in an attempt to hid income will almost always lead to an audit, which is just a huge hassle.

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