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hornmpa96

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Posts posted by hornmpa96

  1. 28 minutes ago, Incredulity said:

    Are you refering to the "billionaire" tax proposal he made a couple years ago?  Or is there a more targeted proposal to the 100M threshold?

    There is a more recent proposal which includes 2 triggers - being a billionaire or earning greater than $100 million. Either test needs to be met for 3 years in a row.

  2. 52 minutes ago, Incredulity said:

    You are 100% wrong.  There has been no discussion of excluding private businesses and assets. 

     

    51 minutes ago, immamac said:

    I'm not wrong. This isn't even drafted they aren't doing stupid shit stop fear mongering you fucking goon. 

    Just a couple of notes:

    1. There is a 116 page legislative proposal which was released by Sen. Wyden and other co-sponsors which actually does provide the details behind this idea.

    2. The annual mark-to-market rule and resulting tax applies to “Tradeable Covered Assets” which include publicly traded assets, assets readily traded in secondary markets (historically this definition has captured certain derivatives and non-publicly traded debt instruments), assets traded on online marketplaces which match buyers/sellers (crypto), and assets for which the Treasury Secretary determines a reasonable basis exists to annually value an asset. Obviously this last category is the key item for the Koch family, etc.

    3. Non-tradeable Assets are covered by a separate provision in the bill.  These assets aren’t subject to the annual mark-to-market rules and gain will be taxed when the asset is sold. However, there is an interest charge applied to this tax to account for the “deferral” period of the gain. Tax and the interest charge is limited to a maximum of 49% on any gain. This provision is generally intended to cover privately-owned businesses.

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  3. 3 hours ago, MinerProphet said:

    Tell me more about this. From what I understand secondhand, making partner at a Big 4 for example, it only really makes a lot of sense if you do it pre-40 years old because you are having to finance a million (or more) bucks to become a shareholder and it takes years of carry to pay that off until you are in the positive? 

    I think most of the Big 4 has significantly reduced pension benefits for new partners. 

  4. This is a great thread. Like the OP, I always thought the common wisdom was waiting as long as possible before drawing your social security benefits. I just ran my numbers and at best, I break even at 84 (assuming a 4% return and no COLA) by waiting until 65 to take benefits. Unless you know you’re living into your 80s, it feels like an easy answer to start pulling the cash at 62 and investing it. 

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  5. 6 minutes ago, Mitch Hedberg said:

    No doubt there have been budgetary constraints. But the Moneyball A’s say hello. Not looking for starters or all stars but there are bats out there. Profar signed for a million dollars and might be Padres MVP. Bligh Madris and these other guys that have never been successful have given just what was to be expected. I don’t know. Maybe he’s done all he could. Just terrible to have World Series expectations and a 6-9 and bench like we have. If you’re gonna be a bear be a grizzly bear. 

    Agree and am hoping that the Astros will be more aggressive this offseason in finding a couple of bench bats. Every spot on the 26/40 man rosters should be utilized to its full potential and frankly this team has been taking getting to the playoffs for granted for the last 2 years.

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  6. 1 minute ago, Mitch Hedberg said:

    The person who deserves as much blame or more for us having this shitty bench and bottom of the order is Dana after him being here for two years. It’s not like we’re missing 7 position players. Abreu sucked and Tucker is hurt but beyond that we have a bunch of jags who could and should have been replaced long ago. 

    I agree with some of this but how much is on Crane and his budget?

    He signed Abreu and Montero and has decided that he wants to keep salary expense below a certain number.

    That may be partially responsible for all of the Dumpster Diving that Dana has done. Some of it has worked in the bullpen.

  7. 3 minutes ago, tx 3 putt said:

     

    This is a dumb fucking tweet. The Astros GM and staff should look at every player who is DFA’d and ask if that player is a better alternative than the current roster. 
     

    Sportswriters, sports radio hosts, etc can be absolute morons.

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  8. I want to bitch about the lineup but - If Bergman needs to DH and Altuve needs a day off, then what else can Espada do?

    Arguably Singleton may be a better hitter against RHP than Caratini but it’s close.

    Chas shouldn’t play for the rest of the year. he’s become a lazy defensive outfielder and is terrible at the plate. Too much banana pudding! However, the options to play instead of Chas suck as well.

    The last 4/5 roster spots used for hitters on the 26 man are just terrible. Dana better go to work in the offseason.

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  9. 1 hour ago, horn4life said:

    So we can depreciate, for however many years on the $400K (in my example) to offset my father’s income from required minimum distributions. 

     

    Just to clarify something on this point - If your father generates a tax loss from the rental activity, he will have to work through the passive activity loss rules to ensure it’s deductible as I’m assuming he’s not a real estate professional.

    Look at IRS Publication 925 which explains those rules.

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  10. 1 minute ago, horn4life said:

    Mom is dying, Dad is surviving. House is NOT yet a rental, but that is the plan going forward.  

    My interest in the stepped up basis is to determine what the depreciable valua of the home is when it begins renting. 

    I am not concetrned about the capital gains, but what would be the highest value to start the depreciation expense of his propery at?  His taxes are going to go up, because he has moved to assisted living near me. 

    So like in original example House built for $200K - current actual value is $600K.  If they started renting the house before either spouse died the depreciable cost basis would be the $200K build cost (plus improvements).  However, if one souse dies, the depreciable cost basis would become $400K?  The $200K build  cost, plus the $200K step up in value from the deceased spouse.  So then the remaining $200K in value that is not included in the cost bases is the $200K of appreciation that is not stepped up of the surviving spouse? Correct?

    So let's assume I make the property a successful rental for arguments sake.  For the years when my father is alive and the owner the depreciation cost basis will be the $400K.  Once my father passes the property will flow through to my sister and I as we are already on the deed.  At THAT POINT in time after my Father passes we would would get an appraisal to determine the value of the property fully stepped up.  Then my sister and I would restart the depreciation anew with the new higher value, say $600K if I used my mathematical example above.

    Hope this is clear what I am trying to say.  I am just trying to make sure the math I am using to forecast the future accurately includes the all important depreciation correctly.

    That’s correct. Your dad’s basis for depreciation purposes will be 400k in your example. When you and your sister inherit the house, your basis for depreciation will be the fair market value at the time of inheritance.

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  11. 2 hours ago, horn4life said:

    So my mom is about to pass away, and I thought I read somewhere that in Texas the homestead value steps up to the current market value.  To basically eliminate any potential capital gain up to the point of the spouses death.  IS this correct?  I think Texas is unique in this aspect.

    The reason i ask is that if that is the case and we rent my father's remodeled home, then I can use the stepped up cost value at my mother's death to depreciate from?  Example: built home for $200K, today house is worth $600K and mom passes.  That $600K value rather than the $200K build price is the basis from which I calculate the depreciation.

    If so then he could show paper losses with the depreciation, that could offset some of his forced withdrawal income.  Anyhow too tired to research this so I ask you fine folks instead.

    Thanks in advance

    I’m not exactly sure of what’s being asked here.

    Assuming the house is owned jointly, the surviving spouse should receive a step-up in basis for the 50% of the house received from the estate for federal income tax purposes. This happens through the federal estate tax law.

    The stepped-up basis is only useful for federal income tax purposes if the property is a rental or is sold.

    Also it should be noted that there are some potential limitations to utilizing a tax loss from rental activity. The owner may need to satisfy the active or material participation rules to deduct the loss.

    The homestead exemption is a Texas property tax concept and the 65-over exemption can be utilized by a younger surviving spouse.

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  12. It’s really a shame to see that group of assholes struggling with this. They had a chance to be completely free from Trump after January 6 and lacked the courage. 90% of the R Senators would tell you behind closed doors that Trump has no business being anywhere close to the White House. 
     

    Tom Jones Your Fault GIF by MASTERPIECE | PBS

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