Taxes and other nasty things...
Just met with my accountant and ouch... Sold a house that I held for a long time and got wacked hard for capital gains for both fed and state gains...
Then the wife showed me some option bills for the place we are building out of state. Man they get you comming and going...
Sometimes hobo living looks really interesting. However, off the grid sleeping in box cars and under overpasses is for the young folk. So it sucks to get old but you gots to pay your dues to uncle.
Or do you? Sometimes I wonder.
Then the wife showed me some option bills for the place we are building out of state. Man they get you comming and going...
Sometimes hobo living looks really interesting. However, off the grid sleeping in box cars and under overpasses is for the young folk. So it sucks to get old but you gots to pay your dues to uncle.
Or do you? Sometimes I wonder.
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I can relate! I'm retired on military retirement and SS - with this year's capital gains and the new tax law, I'm writing $20K in checks for federal and state... 0 -
wpageabc wrote:So it sucks to get old but you gots to pay your dues to uncle.
Or do you? Sometimes I wonder.
Evidently if you're a black pretend preacher you don't have to 'cause Al Sharpton owes the government over $7 Million in back taxes and he's still walking the streets a free man.
If that was any of us we'd be sitting in the gray bar hotel doing 5 to 10 with a lean on everything that we would ever own for the rest of our lives.0 -
Wasn?t Hillary going to raise the capital gains tax to 20%? 0 -
Smitty I wish you were right...Smitty500mag wrote:wpageabc wrote:So it sucks to get old but you gots to pay your dues to uncle.
Or do you? Sometimes I wonder.
Evidently if you're a black pretend preacher you don't have to 'cause Al Sharpton owes the government over $7 Million in back taxes and he's still walking the streets a free man.
If that was any of us we'd be sitting in the gray bar hotel doing 5 to 10 with a lean on everything that we would ever own for the rest of our lives.
Unfortunatly, being a old white dude, not looking for some time in the slammer. Got to pony up some serious cash this year. Since I had a house for over 40 years the appreciation and consequensial capital gains really got me both fed and state. The tax man made more on it then I ever did. Wife is not pleased. We were planning on some of that for the new place...
Better to be a congressman or deadbeat senator.0 -
hildes stated plan was to raise the federal capital gains to 28% from 15% and i am sure the state would ballon its 4% to ????? so i would be giving away over 1/3 of my gain in value...in anticipation of her election i talked to my land purchaser and asked if he would pay out the balance in that one year so i could avoid the increase if she got elected ..he said "no Problem" .... but did not happen and we finished payments out on the regular schedule...payments were set each December 15th so after election and before years end i had time to offset that if needed ...capital gains are THEFT ..no one helped me work the ground and do improvements and i paid property tax and income tax on it every year.... 0 -
I cannot imagine a better time to share the good news with all of my friends here in Gun Broker land. I would like to extend the hand of fellowship and invite you all to join me for services Saturday afternoon at the local firing range, where we will repeat the catechism (gun control sucks) and perform an instrumental version of hymns 45, 357, 9 and 556. At the close of services we will have communion- barley for health, hops as a reminder of the bitterness of life, bubbles to represent hope. Pretzels optional.
You can donate to our congregation by check- payable to the Colt Automatic Saint Hood program. Just use the initials- C.A.S.H.
Jesse- eat your heart out!0 -
Capital Gains Day is coming hopefully not too long in the future when I sell off some rental property. 0 -
surely there is some paper way to offset capital gains tax by bonds, retirement account ???? something other than straight line deductible items...i preferred to buy something i could use instead of just throwing the money down and burning it.....not really interested in making a large amount in interest, just protecting my earnings to use them later if/when needed......have to check this out with a smart accountant 0 -
The only reason capital gains and dividend income are taxed at a lower rate than earned income is because the biggest donors to both parties have a vested interest in keeping those rates lower.
Sure, I benefit from the lower rates, and will obviously take advantage of it. Doesn't make any sense, however, that someone who works 50 hours per week at $ 30.00 per hour pays a higher marginal rate (particularly when FICA is factored in) than someone who plays with other people's money for a living.
A fair tax code would consider all income, regardless of source, the same. IMO, the Federal Government is not charged with manipulating the investment decisions, working decisions, and charitable decisions of the individual.
Simplify the tax return.
How much did you make from all sources?
How many people are supported by this income?
Deduct a fixed amount per supported person, apply 3 marginal rates, and away we go.
Fewer rules, less corruption and gaming of the system.0 -
I assume this was a rental and you can't avoid Capital gains taxes as a second home, that said a lot of calculations can go into the final number.
You could wait on the sale and live in it for 2 of 5 years then no Capital gains, or you could lower your income to the 15% marginal rate and pay 0 capital gains.
Again I assume too late for all that
My FIL did a 1031 excahange to avoid capital gains taxes when he sold his apartment building he got a golf course which he ended up losing money on but enjoying years of free golf all day and being the big cheese.0 -
"Sometimes hobo living looks really interesting. However, off the grid sleeping in box cars and under overpasses is for the young folk."
I have done quite a bit of that. You are right that stuff is for young folks only.0
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