Still think TITNC3: Return of the Iceberg was peak

I want to
Tear that mountain up.
Itching to go snowboarding!

not much of that around here in FL :/

 

That looks a lot like my backyard, and no state taxes neener neener

 

*shrug* I dunno, I'm not a CPA. But, I know it does change from normal taxes to having to pay quarterly when you realize a ton of gains.

Alternatively, you could try and lose a ton of money and then write it off in $3k increments every year.

 

man I need to get out of FL

so over it here
I am such an adventure outdoors person and I need to just uproot the family and move ha

 

I am a CPA actually ha

just been 8+ years since I did personal taxes so don’t have everything memorized anymore for that.

I have never made enough worth paying lol!

 

Here maybe this will help guide you all a little

https://www.irs.gov/faqs/estimated-...ns-etc/large-gains-lump-sum-distributions-etc

 

West coast best coast. NV, UT, CA (pains me to say), OR, WA, CO. All have awesome outdoor opportunities.

I can leave my front door and be at Lake Tahoe and all those ski resorts within an hour.

 

That's Mt Tom in the Sierra. The large bowl on the right hand side contains Elderberry Couloir. It's 5000' of vert on a bad year. 6000' of vert in a normal year and 8000' of vert in a great year.

 

So basically short term (basically everything I own since I started in March) is added onto my gross income for tax purposes. However, anything after that that I've held for a year or longer (basically Ford) will be taxed according to another pre-set bracket which would be 0% since it is below 40k. Am I understanding that right?

Also, how does that translate to state or local taxes?

 

my buddy lives in Boise and I flew out there to go snowboarding like 4 years ago.

was beautiful!

 

Some more of NV.











All those pics within 1/2 hour to an hour of my house

 

wow not what I think when I think of NV

being the non traveler I picture flat lands desert

 

Nor Nev where I live (Reno) is right on the border with CA (I live 2 miles from the CA border). We do a lot of playing on the Eastern side of the Sierras. But yah, middle nevada is brown, mostly flat, and ugly as hell.

80 ish percent of NV is BLM land. Unlimited offroading opportunities

 

Offset some taxes

drop $6k in your IRA and $6k in your wife’s

For 2021 limits

don’t be giving $$$ to the irs

trade in those accounts

 

So if you held the Ford longer than a year and sold it, it’d be taxed at the LT rate.

Note that the bracket depends on your total income, not the amount of gains.

See https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates

 

Yeah if you hold a year it’s long term cap tax rate

If held less than a year it’s short term tax rate which basically is just added as income and taxes just like your regular ordinary income tax brackets

 

NV (Barely) and UT I will grant you. The rest are feces.

For anyone looking for the best state, the answer is quite easy: Arizona.

 

My 0% state income taxes are also worth the view

Though the state is going rampantly bankrupt soooooo....

 

Not sure why it has to be so complex. I wish it was all taxed like the short term simply because it makes the most sense given that it is technically income.

 

Winters in AZ are too hot for me. I do love visiting my grandparents in Scottsdale at Christmas though. Shorts, T shirts and cocktails at 10am.

If I was gonna do AZ it would have to be way up in the mountains, like Flagstaff area.

My ideal climate is Western WA, and it's still getting too hot for me up there in the summers. Can't convince the lady friend to move to Alaska.