patrick.net

Patrick says

capital gains under $80K per person are not taxed, so prefer stock to bonds

How about $40k per person (so $80k for a couple filing jointly).

1337irr says

Anybody want to do a federal income tax boycott here?

Give unto seizer that which is seizers. Hire a good accountant and make sure you owe the IRS a little every year. I have never had a problem with them accepting my payment.

Just like masks, taxes are for control not efficacy. As has been pointed out many times, all of our money is printed out of thin air backed only by the good faith and credit of our government.

Thousands of armed IRS agents are not being hired because the government wants our money.

In all seriousness, don't ever protest the IRS taxes. There are a long list of people they took down for doing this. Read about Schiff sometime. Guy was brilliant and ballsy, but boy did he pay for it with the way he died.

Now if you were to put your assets into LLC's in the right state so they can't be seized, and are willing to live outside the financial slave system for the rest of your life, have disowned all your family legally, so they cannot inherit your debt, and are very good at disguising where you live, you might have a chance, at least for a while. But I'd be sure to have plenty of self-defense on hand. If you were gonna do something like that, you'd want to go all the way.

Better though, don't ever get a refund. Fix your taxes so you always owe a little. If you haven't gotten your refund from last year, calculate your taxes for this year, so you get the refund back by paying less. Then if the refund comes next year, you can use it to pay what you owe.

EBGuy says

Patrick says

capital gains under $80K per person are not taxed, so prefer stock to bonds

How about $40k per person (so $80k for a couple filing jointly).

Right, I mis-stated that. $80K per married couple filing jointly.

1337irr says

My wife and I are waiting for our tax refund. Tweeting at Janet Yellen hasn't worked. We are still waiting for our tax refund after six months.

We filed electronically our 2020 return in March 2021 and included my wife's unemployment as income. About a month later a law was signed that stated unemployment earned in 2020 will not be taxed.

So the IRS issued a notice to not submit an amendment as they will automatically amend returns submitted that included unemployment as income.

We just got a notice that they will respond to our request (via the taxpayer advocate office and our local congressional representative) in 6 weeks about the status of our 2020 tax return's refund.

My concern is that there is a 3 year rule. That is if you do not amend a tax return to earn a refund within three years of the tax due date, then you will lose your opportunity to file an amendment. That 3 year rule's deadline would be in April 2024 for the 2020 tax return.

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clambo says

My only tax free income is from a municipal bond fund.

Which tax free bond fund ?

I was looking into T. Rowe Price Virginia Tax-Free Bond Fund. It is down about 16.5% from its 52 week high :-(

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cisTits says

But it is different for housing vs stocks vs gold coins, I thought.

Yeah, if you live in the house 2 years over the last 5 years prior to the sale then you don't pay tax on your primary residence.

This tax free rule applies up to $250,000 capital gain for a single filer and $500,000 for a couple.

Onvacation says

Go ahead and poke the bear. Tell us how it works out.

ASK WESLEY SNIPES

To: Ad
I own some Vanguard high yield municipal bond fund.
The value of the shares has dropped.
I also have some high yield corporate bond fund at Vanguard.
I'm not selling them so I'm not concerned about the value dropping (from rising interest rates).
I like Vanguard for bond funds because of their low fees.

ad says

This tax free rule applies up to $250,000 capital gain for a single filer and $500,000 for a couple.

This is the biggest reason to own really. You can convert a rental to primary as well. You'd still have to pay back the depreciation while say a vacation rental was used as an investment, but if you move in for two years up to $500k tax free again on the backs of renters. Then sell the rental and you buy the place you plan to die in all cash and likely have a shit ton of tax free gains from the roof over your head that you need anyway.

Renting will always have its place. We've finally settled down though. We've been in our current home 9 years(ish) Going to upsize and build and will likely be there 15 or so years. We'll walk with at least $250k tax free gain which is extremely high for our location and size of home. Kids grow though, house is too small. We tried 3 beds, 2 baths for 2 years since we added my nephew. It's not working with 3 kids....

So we're going 4/4 (I think), full finished basement, about 2,200-2,400sf above grade. I've mentioned I'll start a thread on that soon. Fuck building during Bidenomics, but it's time. We have till June 2023 to exercise the option on the land, pissed we missed our window to break ground before winter due to family issues. But more lots have sold and prices are rising so the $600 to extend is a nothing burger and hope to start in the spring. Gives us more planning time is the way I look at it and if we're in a recession prices may start dropping on materials. Fingers crossed.

Perhaps if you have very low income you owe no capital gains taxes, otherwise you will owe those when you sell a stock or mutual fund with a gain.
Last year I sold a fund T.Rowe Price New Asia, which I had owned since 1995 I think. I paid tax on the gains.

Shaman says

People don’t trust Californians (with good reason) until they know that you aren’t a CUNT (Can’t Understand Normal Thinking) Commie.

I keep wearing a worn out old San Antonio Spurs t-shirt. I'm originally from SA. I don't think they knew I was moving from CA.

Shaman says

People don’t trust Californians (with good reason) until they know that you aren’t a CUNT (Can’t Understand Normal Thinking) Commie.

I keep wearing a worn out old San Antonio Spurs t-shirt. I'm originally from SA. I don't think they knew I was moving from CA.Ceffer says

You're in Texas now. Just shoot them.

I haven't seen a single person carrying a gun since I've been back.

WookieMan says

So we're going 4/4 (I think), full finished basement, about 2,200-2,400sf above grade. I've mentioned I'll start a thread on that soon.

Excellent, as this in actually a housing blog. I think Patnetters would be interested in the build as you go along, like if you use PEX, LVP flooring, 2x6 exterior walls, poured foundation, and even stuff like you put in that pull chain toilet, or if the wife allows a urinal in the man cave. Also, since you mentioned taking over cooking duties, your kitchen choices should be included.

clambo says

Perhaps if you have very low income you owe no capital gains taxes, otherwise you will owe those when you sell a stock or mutual fund with a gain.
Last year I sold a fund T.Rowe Price New Asia, which I had owned since 1995 I think. I paid tax on the gains.

@clambo

The state of California will always get you, but there is no federal capital gains tax on stock capital gains below $40K per person per year, $80K for a married couple.

@Patrick, I guess I consider $40,000/year income in California "low income".

Peter Schiff's father, Irwin, was on a national crusade against paying federal income tax, basically on the grounds that they are un-Constitutional.

Irwin Schiff ended up dying in prison.

Good news, I got my income tax refund.

Bad news, my wife spent it all...she said she put it to good use :)

clambo says

Patrick, I guess I consider $40,000/year income in California "low income".

@clambo I think the official "low income" level in California is now $57K/year.

I know because I looked up getting a discount on the recently outrageous PGE bills. Also depends on number of people in the house.

Patrick says

clambo says

Patrick, I guess I consider $40,000/year income in California "low income".

clambo I think the official "low income" level in California is now $57K/year.

I know because I looked up getting a discount on the recently outrageous PGE bills. Also depends on number of people in the house.

how much are eggs back in CA?

its gone up s lot out here.