Tuesday, April 30, 2013

Turbo Tax

Well, I did it! I did our taxes! I just "Netfiled" the returns and got confirmations back. DONE!

I changed some of my gold (Precious Metals) funds over to something that was actually going up in value late last year and that generated a capital gains of a substantial amount of money that I have to pay taxes on. I hate it when this happens because I do not actually get to see, touch or feel this money, it just goes back into the portfolio ("The Black Hole" as Norma calls it). But I have to pay capital gains tax on it, in this case about $5000! Ouch! These funds have made nothing in the last year and have actually gone down significantly in value but looking back to when I bought them in the late 90's, they have almost quadrupled in value, hence the capital gains! Oh well, no sense in delaying the inevitable. "Death and taxes" as they say.

Well, at least it is out of the way for this year. Back to my house repairs!


10 comments:

  1. Hey man, if you're paying five Gs in capital gains, you won't get much commiseration from these parts. Something must have 'busted out'. Nice going. Now pay up.

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    1. Unlike Scroodge McDuck, I am unable to roll around in piles of money in the "vault". Now I have to sell more to get the cash to pay the tax, which in turn will generate more capital gains for next year. As a friend used to so eloquently put it. "It is like trying to wipe your *** with a hula hoop".

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  2. At least the tax rates on Cap gains are lower than income. It is a pain to pay taxes on money you don't ever see in your pocket though. You should have bought some Yellow Pages back in the day. Then you'd ave some losses to offset your gains. Ask me how I know :-(

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    1. We have all bought something like that in the past! :(

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  3. In my "capitalist" world paying taxes always beats not paying them! And when it is somebody else paying taxes and especially a self confessed lefty paying them it would take a plastic surgeon a week to get the grin off of my face! Welcome to the 1%. LOL

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    1. The air is pretty rare up here, eh JB?

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  4. Misery loves company, Croft. I just finished filing my tax return via Turbo-Tax tonight as well. However, unlike you, I didn't have any Capital Gains to claim but I still ended up having to pay with nothing to sell to help out. So, there!!

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    1. Maybe we can head down to Clarksdale and sell our souls at the Crossroads, Rick!

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  5. We sent our share to Revenue Canada too. They now have enough coin from us to keep the lights on. You helped to fund one month's worth of coffee for the tax collectors in Ottawa alone.

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