Don’t want to rain on folks parade here but we seem to be forgetting about the cap gains tax one would owe as well. Assuming short term, could be as high as 37.5% at federal level. State tax also where law applies. $30k in gain now much less.
My guess is many may forget about those gains and report correctly. In that case, if caught in audit, your gains decline with penalties and interest.
Edit: Short term defined as <1yr.
My guess is many may forget about those gains and report correctly. In that case, if caught in audit, your gains decline with penalties and interest.
Edit: Short term defined as <1yr.
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