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Reply to "Ugh…Kiddie Tax! Any ideas to avoid this?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm not aware of any way around this, at least not at this point in the following year. [b]What's wrong with him paying his capital gains tax?[/b] Regardless, soon he won't be a dependent so this likely won't happen again.[/quote] This. I mean, sorry you can't figure out how to shelter your 17 year-old's windfall from taxes but oh well? He's still up 19k for doing literally nothing, I think it will work out in the end.[/quote] He did do something. He spent his own time researching the investment and risked his capital. He should reap the rewards and if it wasn’t for the kiddie tax he would owe nothing in LTCG taxes. Just remember without the robust capital markets that the US has to fund investments, entrepreneurial efforts, etc this country would not be the economic powerhouse that it is. There would be substantially less taxpaying jobs to pay for SS, Medicare, and infrastructure as example. You must be a socialist.[/quote] :roll: You're right. Without the hard work and entrepreneurialism of 17 year olds like this, I wouldn't be employed. Really, shouldn't we be paying HIM taxes? [/quote]
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