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. [Reply]
Originally Posted by Rain Man:
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.
Correct. People making over $1M
He said it was a nice amount but maybe it doesn’t apply to this situation then. [Reply]
Possible sale of the farm. So it will be a significant load of money.
We will keep a little, but, need a place to park the rest.
Big issue I have Is paying taxes on all dividends that may make us have to pay massive pretax or taxes at the end of the year.
I don't want to wipe out my wife's bonus by paying massive taxes.
I HOPE I SAID ALL OF THAT CORRECTLY.
BTW. I am banned from this thread but still can post on tapatalk.
If I am unbanned, I promise to be nice.
Consulting with accountant and current fund manager soon.
Ok. Before you talk to the accountant, find out what it was worth when you inherited it. If it was in a trust there should have been an appraisal upon death. The value you inherited is your basis in the ground.
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 fucks that will just charge you ridiculous fees. Make sure they’re good. If you don’t know it probably isn’t worth finding out.
Originally Posted by displacedinMN:
If we sell now, depending in sale price, cap taxes are around 20%. I know there is talk about that going up depending on amount and tax bracket now.
We would complete the sale before the end of the year.
I just feel we pay taxes on dividends now AND when we take payments later.
Are you talking the ground or like stock dividends? If you have an instrument that produces dividends, you'll pay tax on the dividends issued in the year. If you sell the instrument there could potentially be capital gain on the sale of the instrument, but most of the time those gains won’t be a lot compared to strictly investment instruments. Usually
Originally Posted by lewdog:
Correct. People making over $1M
He said it was a nice amount but maybe it doesn’t apply to this situation then.
I have no idea what he’s got or who all he’s splitting it with, but farmland is fucking 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. [Reply]
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. [Reply]
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. [Reply]
