Recent content by Foggy47

I can still remember buying that house for $20,000. I thought my wife was gonna flip out. We went from an $85 apartment rental to a $120 house payment.....and she had trouble sorting it out. We borrowed the down payment from her dad....who really did not have money to loan us. We paid...

I think my experience here is just about spot on with your calculations SD. I bought our first home in 1972 for $20,000. Ten percent down, 7 % mortgage for 20 years. Owned it for seven years and sold it for $60,000. Today It may be worth $400,000. +/- Two story brick home with an...

Not sure what to tell you here. it's been said: A Journey of a thousand miles....begins with a single step. I have talked to financial planners, accountants, and had some word of mouth by friends, and my wife and I both read up on some of these topics. We we had some calculations done...

yes.....but the owner cannot access the funds without taxes. In the community property state.....the surviving spouce could sell some and avoid taxes. Maybe buy something else, etc. Liquidity. Or, as in my case, I can now sell some appreciated stocks that have big gains....and not incur...

I'd like Bwoods to address this: If you had a farm in MN (owned jointly with your spouce) with a cost basis of $200 / acre.....and the land was now worth $12,000 / acre......and you sold it and did a 1031 exchange......for good land in potato country in Idaho. No tax right? (Assuming...

A primer: AI Overview In community property states, when one spouse passes away, the entire jointly owned property receives a full "stepped-up" basis to its fair market value, rather than just the deceased spouse's half . This eliminates capital gains tax on the appreciation of both halves...

We are resents of AZ.....and the lake home sale was in MN, not our primary residence. Therefore the home sale in MN was taxable.

I wonder how high that stack is in pixels? Not so much I think.

Gonna drop this here. 5 or 6 years ago.....we moved our residence to AZ.....which has community property laws. <-- THIS is a BIG DEAL. There are 9 such states....and this could be important to you, or your loved ones. We have been retired for over 20 years when my wife passed in Dec. A...

Hogdon 4331 SC has been my old reliable in so many guns. Edit: I think that was supposed to be H 4831 SC. Sorry (one reason to not get reloading info from the internet).

We have had some thought provoking discussions on this site about planning and retirement. Strange to hear of all the dreams and reality checks facing us all. One thing I have learned is that retirement in the right state can play a huge role in finances. The community property law states...

Some folks down the lake from me are pretty rich. He owned Deluxe Check.....when checks were hot and he had that market pretty much to himself....and then sold at the right time. Made many millions. They had built the largest aluminum hulled yacht in the world (?) at that time, I think...

At nearly 80 now...and with the ability to own a yacht (maybe a small one?)....I can truthfully say "I do not want one". Just another money pit and high maintenance item that one can do without. Still, I can appreciate someone that wants to achieve such status.....more power to you. For...

^^^^^^ So....where do you guys park your yachts?? (grin)

Truth or fabrication? Been written that she pays this guy $50,000 / year to work at her winery. Dunno. The velocity of these incidents is crazy right now.