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  • Capital Gains

     robodrill updated 1 year, 4 months ago 7 Members · 10 Posts
  • anumbnut

    May 14, 2021 at 1:18 pm

    Hey Apes

    Myself and prolly most of us apes have never been in a position to where this can be life changing. IM sure most of us have had your calculators out running the numbers with big hopes and dreams! I ran tax numbers and h$ly $hit government gonna clean up on me! and lots others. It would be great if we start learning and sharing the in’s & out’s of capital gain? IM being told Puerto Rico has no capital gain tax but to my understanding you have to be a resident 6 months prior to earnings? Immediate investments also a go way to go? like rental properties ect? Any and all tricks of the trade info welcomed

  • Curunir

    May 14, 2021 at 2:47 pm

    Yeah loosing 37% sucks, but that other 63% is still a hell of a lot more than most of us had going into this.

    There are things you can do to help reduce that a little. Donations are a great way to chew into that and do something good at the same time. Certain investments. Maybe setting up a trust. Google some ideas for people that hit the lottery as a starting point for some things people have done.

    Once the dust settles you have months to get with a financial planner & a tax advisor (or a combo if you find a good one) and figure out how you want to set yourself up. But right away just assume you’re going to have to pay that, move 40% to an interest bearing account and then when you have to pay in 2022 you already have the money set aside AND have earned something back on it.

    Completely not financial advice, but I for one am already getting names of real professionals in my area and can’t wait to start interviewing them.

  • SupaSoca

    May 14, 2021 at 3:38 pm

    Get a decent tax attorney. Trusts can be tricky because they are essentially pass through entities used more protect assets from prying eyes and to pass property on to others without another taxable instance. The beneficiary is responsible for the payment of the taxes in that trust. I have a few personal property trusts and land trusts. But there are others that may help. I agree that paying 37% of however millions is better than not paying. I hope to earn enough to drop the profit into a fund and live off of the interest yearly.

  • Jollyroger0120

    May 14, 2021 at 3:40 pm

    1st thing I’m doing is getting a tax attorney/Financial advisor.

  • I.like.this.stonk.

    May 14, 2021 at 4:39 pm

    I am fortunate that my employer-provided 401K allows opening a brokerage account with up to 50% of my funds. I YOLO’ed into AMC like a bear in a beehive. There are no taxes for capital gains as long as they’re held in the account, so I can reinvest 100% of my tendies. I’ll have to pay income tax on it as I withdraw it after age 59-1/2…in 3 months from now!

    • Jollyroger0120

      May 14, 2021 at 5:43 pm

      Nope! All money put into a ROTH 401K and any earning are TAXFREE when you withdraw at your retirement age. Do your DD Double check with your tax advisor. Enjoy your millions!

      I put 250 shares in my Roth just so I can avoid some taxes. Good luck!!

  • PinkFeathers

    May 15, 2021 at 12:49 am

    Not sure what state your in, but I’m in socal. Big tax state. Been telling my mom to invest amc, but she won’t because of our taxes. Plus she just sold a house at a gain to move into a senior community. Makes no sense to me, but maybe it’s just the boomer in her, or the gen x in me.

    • Jollyroger0120

      May 15, 2021 at 1:44 am

      Sorry to hear that. Your mom is making a BIG mistake. I tried to get 20 people on board only 1 did the other 19 told me I was full of shit.

      • robodrill

        May 17, 2021 at 3:23 pm

        Many have been convinced that tax avoidance is everything. Some are HAPPY to pay interest on a house because it is deductable. That is insane. They are willing to pay thousands to save hundreds.
        The same goes for this. I am not going to avoid a million in profit because my greedy-@ss uncle gets 37 percent.

        I am not going to opt out of 677,000 so I can avoid 370,000 in taxes.

  • anumbnut

    May 16, 2021 at 11:45 am

    Thank You everyone!

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