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Asked 1/28/2010

If i spent 370,000 from a retirement investment was tax 20% which is 74000 dollars and i have 2 dependants and loss 86000 in a small business

And i have income property that i lost on due to not being able to sale it should i owe the governent money

 
 
 
 
 
Answers

Answer 1/1 - Submitted 1/28/2010

You can't take the potential property loss until it's sold... same as you don't pay gains on your stocks until you sell them...the rules are the rules!

Just curious.... Why on earth would you need to draw that much of your retirement fund in one year?

 
 
 
 
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