makemakeyourfuture
Confused about dryer sheets
- Joined
- Jul 17, 2021
- Messages
- 5
Is this accurate?
We intend to use our built-up brokerage account to fund life from ER to 65. Long term gains no wash sales.
Let’s say we need $140,000 a year to live our desired lifestyle. Now let’s say we withdraw that $140,000 from the brokerage account. Yes, let’s ignore dividends or income producing assets in the brokerage portfolio for a moment.
If the cost basis was 30% ( $42,000), is it correct we could possible pay no taxes as the $140,000 has a cost basis of $98,000 ( 140K-42K).
MFJ standard deduction $27,700
This would leave $70,300 of income that is capital gains but the married filing joint 0-$80,000, 0% capital gains fit this number nicely.
We intend to use our built-up brokerage account to fund life from ER to 65. Long term gains no wash sales.
Let’s say we need $140,000 a year to live our desired lifestyle. Now let’s say we withdraw that $140,000 from the brokerage account. Yes, let’s ignore dividends or income producing assets in the brokerage portfolio for a moment.
If the cost basis was 30% ( $42,000), is it correct we could possible pay no taxes as the $140,000 has a cost basis of $98,000 ( 140K-42K).
MFJ standard deduction $27,700
This would leave $70,300 of income that is capital gains but the married filing joint 0-$80,000, 0% capital gains fit this number nicely.