jsasker007
5 year old buck +
If we take the cash will the IRS know about it? If they do then I'll change my answer.
Which alternative would you choose $$
- Thread starter bwoods11
- Start date
Teeder
5 year old buck +
They always know and want their cut.
bwoods11
5 year old buck +
Honestly I think that’s why a lot of investors like Gold. They can hide it . I know of a couple situations in Minnesota where the parents passed the gold and silver to the kids. No taxes basically ever. It was a large amount as well.
I know that’s not what should be happening, but it does.
OK I chose to buy Nvidia stock on Sept. 24 rather than taking cash or land, well Nvidia is up like 25-30% since that date. So I am going to cash out at this point and buy the 100 acres of land and then use the extra 100,000 plus to improve my new land....... build a building, buy a tractor, purchase implements and hire a dozer to make improvements. Ha
Telemark
5 year old buck +
Don't forget to pay taxes on your gains. It will be taxed as normal income.
T-Max
5 year old buck +
So basically he has like $2 left to improve the land?
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jsasker007
5 year old buck +
That would be 85k after bidenomics bends you over.
Telemark
5 year old buck +
Walking away with 85k cash in your pocket sounds like an absolute win to me.
Bowsnbucks
5 year old buck +
Most of us aren't rich enough to have special loopholes written into the tax code like the really rich folks do. I remember the sale of a stadium in Pittsburgh, Pa., that had a specific loophole written into the tax overhaul in the 1980's (Pres. who?) that exempted taxes on the gains from that sale. Billionaires' loopholes. So yep - we peons would be paying tax on it.
Tax code hasn't changed since 2017. Our taxes haven't increased the last 4 years. Wondering if us avg. folks' "tax breaks" will be allowed to "sunset" by 2026.
Telemark
5 year old buck +
It's no loophole. It's just taxed differently if you hold the asset for more than a year. Income tax vs. capital gains tax.
Bowsnbucks
5 year old buck +
I understand the difference between income tax & long-term capital gains taxes. I may not have interpreted the above post. I'll have to re-read it. I know for a fact that there was a loophole actually written into the 1980's tax overhaul. It was specific to that stadium sale - and it pissed off a lot of "regular" people. Covered by many news sources at that time. People of all stripes across Pa. didn't like it a bit.
Telemark
5 year old buck +
I won't argue with you about the fraud surrounding stadiums and arenas. Not only do they get tax breaks, but often taxpayer money is used to build them, and the privately owned sports team gets more-or-less exclusive use of them. It's an absolute scandal. Really chaps my bottom.
S.T.Fanatic
5 year old buck +
That isn’t exactly true. When it comes to football ( at least in MN ) the 8 games played are a small percentage of the income the stadium brings in. The majority of the revenue comes from private events that are taking place on an almost daily basis.
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Bowsnbucks
5 year old buck +
I've never understood the taxpayers forking out for billionaires. I've heard of one city - can't remember which one here in the U.S. that said "NO" to taxpayer funding for a stadium build.
Hey .... an idea here ..... Bowsnbucks wants to build a stadium, cost about $$$ 3 billion $$$. How about everyone coughing up more tax money for me to build my stadium??? I'll let you come in if you pay upwards of $200 a ticket for the games played in it. Don't forget to hit the food & drink vendors .... I get a piece of those too.