Unreal - layman's reading of tax law

[jasdlm]

Client 'thought' if he was in 15% tax bracket, his Cap Gain tax rate was 0 (sort of true) so he realized a $500,000 gain thinking he was getting one over on the Feds. Now wants me to fix it. (He doesn't want to pay $75,000 in tax!) I told him there wasn't anything I could do, but he told me to 'think about it' for a few days and then get back with him. ***Sigh***

I guess I'll lie awake at night waiting for a brainstorm.

[catax]

It is amazing the types of brainstorms while lying awake at night during tax season. It seems as if my brain just doesn't stop working during the season. My brainstorm for him is he should have consulted with you before he did it. Nena

[jainen]

>>He doesn't want to pay $75,000 in tax!<<

Well, duh! Since he likes to sling the big bills around without looking too closely, offer him a tax protection package--for a low fee of less than $100,000 you can guarantee that the IRS will not make him pay that $75,000 capital gains tax.