Tax Question: For USA In January, Yari inherited $2,000,000. Yari plans to invest this inheritance and...
Tax Question: For USA
In January, Yari inherited $2,000,000. Yari plans to invest this inheritance and expects to have an additional investment income of approximately $100,000. Yari is concerned about estimated tax penalties since he has never had enough income to even file a tax return.
Yari has asked you to give him advice regarding when and how much to pay in order to avoid estimated tax penalties when he files his return next April.
Homework Answers
The estimated tax much be paid quarterly rather than waiting will April 15 of every Year.
As the investment is being made in the month of january and is held for Less than one Year Short Term capital gain is being attracted for the same. In this case the ordinary tax rate of 35% is applicable.
Here the Income on Investments id being shown as $100000 on the investments being made. Yari need to Pay 35% of it that is $35000.
Is is suggested to hold the scrips for a Longer term as the Long term Capital gain are taxed at a lesser rate as compared to Short Term Capital gains.
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Tax Question: For USA
In January, Yari inherited $2,000,000. Yari plans to invest this
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