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06-12-2021, 05:41 PM | #10081 |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
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Any Capital Gains increase will not be sudden or retroactive.
The earliest they could do it would be starting next year. So sell now at low cap gains rate. |
Posts: 52,112
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06-12-2021, 06:38 PM | #10082 |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
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I think the proposed cap gains tax changes are only for people making an obscene amount of money. We're talking second-string defensive end money.
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Posts: 142,670
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06-12-2021, 07:43 PM | #10083 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Posts: 46,069
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06-12-2021, 10:10 PM | #10084 | ||
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
Sale Price - Basis = gain. Then the rates are different based on your income. The tax liability on the gain you’ll want to keep liquid. If you put it in an instrument like a mutual fund or ETF you won’t have any tax until you sell it (and only if there is a gain). Dividends you have to pay on every year. But if you’re using a professional you can have the dividends paid to a money market rather than Reinvested. One thing I know for sure, make sure your people are good. There are some straight shit Accountants put there and some of them are CPAs. And the “financial planning” industry is littered with ****s that will just charge you ridiculous fees. Make sure they’re good. If you don’t know it probably isn’t worth finding out. Quote:
I have no idea what he’s got or who all he’s splitting it with, but farmland is ****ing crazy right now. And depending on how long he’s had it, it wouldn’t take a ton of acres to get to a mil if the basis is low. Especially up there. |
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06-12-2021, 10:13 PM | #10085 |
I’m a Mahomo!
Join Date: Aug 2004
Location: Mid-Missouri
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Posts: 54,038
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06-12-2021, 10:14 PM | #10086 |
I’m a Mahomo!
Join Date: Aug 2004
Location: Mid-Missouri
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Posts: 54,038
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06-12-2021, 10:18 PM | #10087 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,710
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06-12-2021, 10:54 PM | #10088 |
MVP
Join Date: Jan 2007
Location: Missouri
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Displaced, I hope you seek advice from more than one source. As Buehler mentioned, there are some real pieces of work out there putting people in terrible situations.
I'm curious if you have considered rolling it into a new asset with obvious appreciation coming or even explored a multi stage sale. The staged transfers are becoming more popular here for various reasons, but they're obviously more complicated than a single transaction and could put you at risk of a political raping on the future transactions. |
Posts: 8,643
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06-13-2021, 12:38 AM | #10089 |
I’m a Mahomo!
Join Date: Aug 2004
Location: Mid-Missouri
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Posts: 54,038
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06-13-2021, 01:10 AM | #10090 |
Fish are scared of me
Join Date: Nov 2001
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Posts: 40,778
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06-13-2021, 07:24 AM | #10091 |
Fish are scared of me
Join Date: Nov 2001
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Posts: 40,778
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06-13-2021, 09:28 AM | #10092 |
I’m a Mahomo!
Join Date: Aug 2004
Location: Mid-Missouri
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I just hate paying taxes & I might have to pay the most taxes I’ve ever paid when this thing rips. https://youtu.be/YW554gS1fWs |
Posts: 54,038
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06-13-2021, 11:22 AM | #10093 |
Fish are scared of me
Join Date: Nov 2001
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This is a good listen / AMC
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Posts: 40,778
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06-13-2021, 12:48 PM | #10094 |
Fish are scared of me
Join Date: Nov 2001
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Posts: 40,778
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06-13-2021, 12:49 PM | #10095 |
Just a li'l Evel
Join Date: Sep 2005
Location: Bald. Goatee. Jorts.
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Y'all should just rename this the meme stock thread. While everybody futzing around with AMC, my OTLY stock went from $20 to 29 slow and steadily over four weeks. Plant-based future my friends.
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