header pic

Perhaps the BEST B1G Forum anywhere, here at College Football Fan Site, CFB51!!!

The 'Old' CFN/Scout Crowd- Enjoy Civil discussion, game analytics, in depth player and coaching 'takes' and discussing topics surrounding the game. You can even have your own free board, all you have to do is ask!!!

Anyone is welcomed and encouraged to join our FREE site and to take part in our community- a community with you- the user, the fan, -and the person- will be protected from intrusive actions and with a clean place to interact.


« previous next »
Pages: 1 ... 1280 1281 [1282] 1283 1284 ... 2232   Go Down
Author

Topic: In other news ...

 (Read 1012237 times)

FearlessF

  • Hall of Fame
  • *****
  • Posts: 37597
  • Liked:
Re: In other news ...
« Reply #17934 on: July 13, 2022, 09:32:29 AM »
Quote from: Cincydawg on July 13, 2022, 06:48:23 AM
The charitable trust thing is a good idea if you have some money to set aside for future donations and are in an unusually high income year.


especially if you can scrape cash off the charitable contribution to spend
Logged
"Courage; Generosity; Fairness; Honor; In these are the true awards of manly sport."

Cincydawg

  • Oracle of Piedmont Park
  • Global Moderator
  • Hall of Fame
  • *****
  • Default Avatar
  • Posts: 71627
  • Oracle of Piedmont Park
  • Liked:
Re: In other news ...
« Reply #17935 on: July 13, 2022, 09:36:42 AM »
I have a charitable trust, I don't see a viable way to scrape cash off it.  They are pretty sticky about who can get a donation.

I got paid two years of salary in one my last year working.  My money guy explained this concept to me and we set it up, has been marvelous, especially now that donations aren't deductable any more unless you write off a lot.
Logged

Cincydawg

  • Oracle of Piedmont Park
  • Global Moderator
  • Hall of Fame
  • *****
  • Default Avatar
  • Posts: 71627
  • Oracle of Piedmont Park
  • Liked:
Re: In other news ...
« Reply #17936 on: July 13, 2022, 09:37:11 AM »
Logged

FearlessF

  • Hall of Fame
  • *****
  • Posts: 37597
  • Liked:
Re: In other news ...
« Reply #17937 on: July 13, 2022, 09:55:39 AM »
the most in 40 years

back when I was in College and the future looked bleak for young people

it turned out OK
Logged
"Courage; Generosity; Fairness; Honor; In these are the true awards of manly sport."

Cincydawg

  • Oracle of Piedmont Park
  • Global Moderator
  • Hall of Fame
  • *****
  • Default Avatar
  • Posts: 71627
  • Oracle of Piedmont Park
  • Liked:
Re: In other news ...
« Reply #17938 on: July 13, 2022, 09:56:34 AM »
I started my job in 1980 and felt lucky to find one.  I applied for a loan on a condo a year later and the best rate I could find was 17.5% on a 30 year fixed.
Logged

FearlessF

  • Hall of Fame
  • *****
  • Posts: 37597
  • Liked:
Re: In other news ...
« Reply #17939 on: July 13, 2022, 09:57:13 AM »
Quote from: Cincydawg on July 13, 2022, 09:36:42 AM
I have a charitable trust, I don't see a viable way to scrape cash off it.  They are pretty sticky about who can get a donation.

I'm guessing billionaire donors are a bit more slippery

but that's just the peasants being cynical 
Logged
"Courage; Generosity; Fairness; Honor; In these are the true awards of manly sport."

longhorn320

  • Legend
  • ****
  • Posts: 9345
  • Liked:
Re: In other news ...
« Reply #17940 on: July 13, 2022, 10:26:44 AM »
Quote from: Cincydawg on July 13, 2022, 07:40:24 AM
I used this cap gains calculator to get nearly $7 million in taxes on a $20 million sale (near zero cost basis).

2022 Capital Gains Tax Calculator - See What You'll Owe - SmartAsset
2022 Capital Gains Tax Calculator - See What You'll Owe - SmartAsset

There is that 3.8% Medicare add on plus NJ state tax.  If a wealthy person chooses not to pay income tax, they can, and they often do.  It's an entirely legal dodge.

Fortunately I don't have this problem, I just pay income tax and have used the standard deduction the past three years.


I used you calculator above and dont come up anywhere near $7 million
Logged
They won't let me give blood anymore. The burnt orange color scares the hell out of the doctors.

Cincydawg

  • Oracle of Piedmont Park
  • Global Moderator
  • Hall of Fame
  • *****
  • Default Avatar
  • Posts: 71627
  • Oracle of Piedmont Park
  • Liked:
Re: In other news ...
« Reply #17941 on: July 13, 2022, 11:08:34 AM »
 I get $6.858 million, once again.  I set the state to NJ.

That sounds about right to me.
Logged

longhorn320

  • Legend
  • ****
  • Posts: 9345
  • Liked:
Re: In other news ...
« Reply #17942 on: July 13, 2022, 11:16:14 AM »
Quote from: Cincydawg on July 13, 2022, 11:08:34 AM
I get $6.858 million, once again.  I set the state to NJ.

That sounds about right to me.
do you really think a multi millionaire would live in New Jersey

Thats the tax capital of the world
Logged
They won't let me give blood anymore. The burnt orange color scares the hell out of the doctors.

FearlessF

  • Hall of Fame
  • *****
  • Posts: 37597
  • Liked:
Re: In other news ...
« Reply #17943 on: July 13, 2022, 11:18:53 AM »
they probably aren't moving to South Dakota
Logged
"Courage; Generosity; Fairness; Honor; In these are the true awards of manly sport."

OrangeAfroMan

  • Stats Porn
  • Hall of Fame
  • *****
  • Posts: 18899
  • Liked:
Re: In other news ...
« Reply #17944 on: July 13, 2022, 11:19:42 AM »
Quote from: longhorn320 on July 13, 2022, 11:16:14 AM
do you really think a multi millionaire would live in New Jersey

Thats the tax capital of the world
Where they live and where they live on a form are rarely the same place.
Logged
“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

utee94

  • Global Moderator
  • Hall of Fame
  • *****
  • Posts: 17718
  • Liked:
Re: In other news ...
« Reply #17945 on: July 13, 2022, 11:20:36 AM »
Quote from: FearlessF on July 13, 2022, 11:18:53 AM
they probably aren't moving to South Dakota
I'm assuming it's like corporations and they can claim they live wherever.  Multi-billionaires can have residences all over.  You claim the one in the most tax-friendly state as your primary and go from there, right?

Logged

Cincydawg

  • Oracle of Piedmont Park
  • Global Moderator
  • Hall of Fame
  • *****
  • Default Avatar
  • Posts: 71627
  • Oracle of Piedmont Park
  • Liked:
Re: In other news ...
« Reply #17946 on: July 13, 2022, 11:29:04 AM »
Quote from: longhorn320 on July 13, 2022, 11:16:14 AM
do you really think a multi millionaire would live in New Jersey

Thats the tax capital of the world
They might if they had no income.  Pick a state, another state, and I'll run it.  We'll go with Texas and no income tax.

$4.735 million.  That is a lot more than paying a low interest loan.

Logged

longhorn320

  • Legend
  • ****
  • Posts: 9345
  • Liked:
Re: In other news ...
« Reply #17947 on: July 13, 2022, 11:31:07 AM »
Quote from: utee94 on July 13, 2022, 11:20:36 AM
I'm assuming it's like corporations and they can claim they live wherever.  Multi-billionaires can have residences all over.  You claim the one in the most tax-friendly state as your primary and go from there, right?


fine but you would not claim New Jersey

if you do you might as well just throw all your money out the window
Logged
They won't let me give blood anymore. The burnt orange color scares the hell out of the doctors.
Pages: 1 ... 1280 1281 [1282] 1283 1284 ... 2232   Go Up
« previous next »
 
Support the Site!
Purchase of every item listed here DIRECTLY supports the site.
Smokey Record TShirt

FAFO No Trespassing Sign