CS straight ghosted you. Dude got rich and forgot where he came from.
For real @Mathman
Wait I still remember
I’m still, I’m still CS from the block
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I read an article last night that said there is one difference, at least for now. The IRS sees crypto as property, not a financial instrument. And therefore you can sell it if you want to harvest losses for tax purposes, and buy it right back without being subject to the 30-day wash rule. Thought that was mildly interesting.
Oh that is interesting.
I know when I’m doing VITA tax returns for people we are required to ask them if they have any cryptocurrency. They never, ever, do. But there IS a separate section where we report the transactions. It’s set up exactly like the section where we report stock transactions, and I’ve played around with it enough to ascertain that it’s the same long & short term rules. But I admittedly never tried to input a wash sale.
She should have got a step up in basis when her husband died. Her accountant failed her.
How do you quote people on this forum? Can’t figure it out.
Highlight the text you want to quote and the option should appear, or reply to someone and click the little comment icon in the top left.
But if you quote the full post immediately prior to yours, it won’t show up.
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Look at meee! I’m an “influencer”! 
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I got a million dollar bill and they can’t change it.
They won’t let me leave until my tab is paid.
So I might as well settle down and buy the hous another round.
Send my mail to the Rosarita Beach Cafe
…
Umm…
Tried to buy 19,000 shares of a coin mining company at $0.0054 but Vanguard doesn’t allow buying assets below $0.01. Maybe I will download Coinbase, try some gambling myself.
Yeah I missed that scrolling through on the phone. I think if they held it as Community Property, she might have gotten a full step up in basis on the husband’s death but I’m not 100% sure on that. That said I’m not sure her owing gains on the property sale after the $250K exemption is the problem. The problem is upper middle class and rich folks who can hire lawyers and attornys to navigate through that before hand to minimize or remover the tax implications while middle to lower class folks who do live in a place a long time and simply have gains over time don’t or can’t take the time to learn the rules before hand or save the improvement receipts to justify a higher cost basis.
AMC GME blowing it up again
man, these people are good
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BBBY also popping.
OK over the weekend I moved up my retirement date two years. As long as I am deferring a lot of income (25%) to save on taxes, I’ll retire at 55 and have the deferred $$ paid out over a 7-yr period until I draw SS at age 62.
I would only have $1.8M but the deferred income/SS payments will be $25K-$35K per year so I won’t need to draw on my nest egg too heavily.
Plenty of assumptions still, namely 5% return on investments, limit taxable $ to about $45K to max healthcare subsidies, social security, etc.
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$1.8M seems a bit slim to me but I’m not sure how the “deferred income” works. I’ve read about it maybe a couple times but I think it’s unavailable to me. You’ve surely considered things more closely, so enjoy that!
Deferred income just means I stashed away income to avoid taxes and stay in the 12% tax bracket. It’s sort of like having another 401k. When I retire, it automatically gets paid out in annual installments as taxable income - according to my elections. I’m going to select 7-yr installments from now on, so the first year I get 1/7 of what that account is worth, the next year I get 1/6 of what it is worth, etc. It only became available to me for the first time ever last year after a promotion.
Supposing I am happy with $2M in order to retire, and I believe i can take 4% out each year ($80K).. Between these deferments and social security, I think I will always have at least $25K per year already, so to maintain $80K/yr I only need $55K/yr or savings of 55,000 x 25 = $1.375M.
Is that $1.8M in the market, or including home equity? And, do you have a mortgage?