Capital Gains and Interest Tax

[Praxeas]

Aside from an IRA, anyone know a way to not have to keep paying taxes on capital gains and interest and still be able to "use" that money in case of emergencies without paying the usual penalties?

Im paying a whopping amount of tax this year due to capital gains and interest on a trust I inherited, though it's a one time tax and there are still yearly taxes on the capital gains and interest it's frustrating to see how much the feds take of your investments

[Ron]

Originally Posted by Praxeas

Aside from an IRA, anyone know a way to not have to keep paying taxes on capital gains and interest and still be able to "use" that money in case of emergencies without paying the usual penalties?

Im paying a whopping amount of tax this year due to capital gains and interest on a trust I inherited, though it's a one time tax and there are still yearly taxes on the capital gains and interest it's frustrating to see how much the feds take of your investments

Take the bulk of it overseas in a numbered company that you don't own but you control!

Control but don't own.

That's how the big boys do it!

Besides that, if you don't own it but yet you control it if someone says that you offende them because of what you said in your beliefs, they are less likely to sue you.

[berkeley]

I know a woman who is paying $8,000 in taxes this yr on capital gains!

[Hoovie]

I am in the same boat. (not the capital gains though)

[MrsMcD]

Originally Posted by Praxeas

Aside from an IRA, anyone know a way to not have to keep paying taxes on capital gains and interest and still be able to "use" that money in case of emergencies without paying the usual penalties?

Im paying a whopping amount of tax this year due to capital gains and interest on a trust I inherited, though it's a one time tax and there are still yearly taxes on the capital gains and interest it's frustrating to see how much the feds take of your investments

If you use the capital gains and interest, I don't see any way around paying the penalties since it is an IRA. The BEST thing to do is ask an accountant or CPA that is trustworthy. They know all the loopholes without getting you in a mess with the IRS. You might could borrow the money, and pay it back within sixty days and not get charged the penatly.