patrick.net

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.