Tax and profit question.... - Posted by Charity

Posted by Brent_IL on September 11, 2003 at 23:48:05:

The trust is transparent tax-wise. It is a short-term capital gain and is taxed at whatever is your own top marginal income tax rate.

Tax and profit question… - Posted by Charity

Posted by Charity on September 11, 2003 at 22:21:49:

I am not taking tax advice, but I was curious what tax rate I can expect to pay on profit I made on my first Sub2 since I sold it in the same month I bought it. We did use a trust and trustee, so our names were not on it, but we obviously deposited the money into our personal acct. How does the IRS know where the money came from and also what tax rate normally applies since our LLC was not set up at that time?