Based Wage Making: Money Sitting as a Service

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WithoutTheFezOn: Aug 28, 2005; Oh no

Just to make sure I�m still in the right reality, the �up to $500,000 per couple cap gains exempt� thing is just for the sale of a primary residence (2 of the last five years or something), right?

# ? Jun 26, 2019 00:13

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# ? Jun 6, 2024 19:50

Krispy Wafer: Jul 26, 2002; I shouted out "Free the exposed 67"
But they stood on my hair and told me I was fat; Grimey Drawer

Every brokerage I�ve seen in recent times pops up all kinds of alerts about tax obligations. They�ll even offer a suggested withholding. If he�s got $200k taxable, then that probably means he actually cashed out about $300k+ and they would have alerted him to his potential IRS bill.

This is like having a wedding and being shocked the swan wrangler needs to be paid. None of this should be a surprise.

# ? Jun 26, 2019 00:17

canyoneer: Sep 13, 2005; I only have canyoneyes for you

Years ago I was at a work Q&A thing with some senior leaders of the megacorporation I work for.
It was recently disclosed that the CFO had sold over $10M of stock, and the question someone asked was if we should read anything into that. The leader who was answering the questions said "well, you know, he's already holding more than he's required to, and I'm sure it's a liquidity thing. His daughter is starting college this year so he needs some cash for tuition and such"

With no irony, she had described selling a 10 figure value of stock as nonchalantly as grabbing a handful of change to feed the parking meter.

# ? Jun 26, 2019 00:18

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

WithoutTheFezOn posted:

Just to make sure I�m still in the right reality, the �up to $500,000 per couple cap gains exempt� thing is just for the sale of a primary residence (2 of the last five years or something), right?

Yeah, you're in the correct reality.

brugroffil posted:

If they wanted the money to buy a house, what would their other options be?

Don't put your house downpaymend fund entirely in the stock market. For short term (<5 yrs), put it in a high yield online savings account. Slightly longer term, bonds or CDs. Even longer term, a target retirement fund for the year you estimate you'll buy the house.

# ? Jun 26, 2019 00:20

BigDave: Jul 14, 2009; Taste the High Country

Alan Smithee posted:

Divorce must be low in India

Wonder if there�s wddding loan sharks there

The divorce rate is low, yes, but Indian brides have a terribly common habit of spontaneously combusting. https://en.wikipedia.org/wiki/Bride_burning

# ? Jun 26, 2019 00:23

Sumo: Jun 17, 2005

colachute posted:

I mentioned my mom in this thread before I think. She bought a Sheltie for over $2000 from a puppy mill in TX and had it flown to Florida.

BWM 2019: You spent how much on dog?

# ? Jun 26, 2019 00:23

Cacafuego: Jul 22, 2007

Sumo posted:

BWM 2019: You spent how much on dog?

# ? Jun 26, 2019 01:06

Volkerball: Oct 15, 2009; by FactsAreUseless

Sumo posted:

BWM 2019: You spent how much on dog?

Eh, close enough

# ? Jun 26, 2019 01:24

golden bubble: Jun 3, 2011; yospos

Clueless capital gains redditor is bad, but not as bad as Mr. use all your capital gains for wallstreetbets. Hint: Margin calls are a real thing, and you should think about them before betting >100% of you net worth.

Help / advice with tax debt owed posted:

in 2017 I had an income of 109,000 from W2, 2,500 in 1099 , and 480,000 in investment income from day trading ( i did not make the section 475 election) . In 2018 I filed an extension for my taxes and eventually filed them on time in September. My 2018 income was 115,000 W2, 64,000 in 1099, and -880,0000 in investment income. I lost my entire brokerage account due to a few margin calls during the market correction while I was out of the country for my day job.

I have about 100k split between 2 401k's. I own a car worth 9k, which is 8 years old and needs work. I have an SUV thats 3 years old and I make payments on 880 a month. I earn 135k a year W2 now, I stopped making contributions to my 401k. Thats all the assets to my name. Ive been trying to sell the older car for the last 4 months and haven't had any luck.

I lost everything in my brokerage account, last year it was at about 1.5 million, i closed ti when there was 4,500 left. I put an additional 40k into the account when I realized I was getting margin called to try and stay solvent but it didnt help. I'm burning money trying to find a CPA or attorney who can help get this debt off my shoulders.

I hired a CPA for my 2018 returns and to help with an offer in compromise (OIC), paid them, then they didnt file things on time and are now refunding the money for the OIC minus some money for the 'research' the CPA had to do to determine they didnt want to do the OIC.

I spoke to the IRS today. they said the min they will accept as payment is 3850 a month. That was based off of the numbers I rattled to her off the top of my head for my monthly expenses, most she said I was spending too much on, like rent, which due to my situation I cant lower anymore than it already is. 3850 is about 50% of my post tax take home pay. I've been trying to cut back on expenses and everything, I already moved, but I'm having a real hard time with all of this. There is no way ill be able to pay 3850 a month for the next 72 months. That leaves me with maybe 100 bucks after my expenses every month, assuming I do not have anything come up like a work trip or wedding, or medical issue that requires additional spending. I told the lady on the phone that 3850 is unrealistic for me to make payments on and she said she put my account on hold for the next week while the payment plan is sent up to another team to review and make a determination. She said I would not have the ability to speak to this second team and they will send me a letter based on their assessment of my ability to pay. Based on the online calculator, the IRS says I do not qualify for an OIC.

This whole situation is blowing my mind. I have filled my taxes on time every year and paid in full. Aside from 2017 taxes I never had any issue. The reason I didn't pay my 2017 taxes is because I lost all my savings that I am able to use to pay. is there no way to work this out to a more reasonable payment plan that doesn't put me in such a lovely financial situation for the next 6 years? Isn't it unreasonable for the IRS to take so much of my income, without considering the massive financial loss I incurred that got me into this in the first place? Isn't it unreasonable for the IRS to assume I can make such a payment indefinitely while leaving me with basically pennies every month?

Anything I can do to help my back tax situation? posted:

In 2017 I had a large income split between w2 and capital gains in a brokerage account. I paid tax on w2 income but left he brokerage account untouched. In 2018 the account was margin called for everything I had. I now owe about 232k in tax, penalties and fees. Is there any process or form I can file to show that although I still have a decent w2 income, I already lost about 99% of my networth and that it�s pretty unjust to expect me to pay back tax on income I never did anything with, literally left it in the brokerage account and it was margin called. Didn�t buy a house, didn�t goto Vegas, didn�t hide the money.

As it looks right now I�ll be forced to give the irs roughly 70% of my pretax income for the next 6 -10 years if I can�t figure something out.

golden bubble fucked around with this message at 03:00 on Jun 26, 2019

# ? Jun 26, 2019 02:57

canyoneer: Sep 13, 2005; I only have canyoneyes for you

This post was made in 2019, not 1950

# ? Jun 26, 2019 03:13

SlapActionJackson: Jul 27, 2006

golden bubble posted:

Clueless capital gains redditor is bad, but not as bad as Mr. use all your capital gains for wallstreetbets. Hint: Margin calls are a real thing, and you should think about them before betting >100% of you net worth.

You also shouldn't daytrade with Uncle Sugar's money. He gets real testy about that.

# ? Jun 26, 2019 03:25

MisterOblivious: Mar 17, 2010; by sebmojo

SlapActionJackson posted:

You also shouldn't daytrade with Uncle Sugar's money. He gets real testy about that.

"Mr. use all your capital gains for wallstreetbets posted:

My professional background is mostly in professional services, consulting with businesses on building and implementing SaaS solutions. I have a degree in Finance and started but did not finish a dual masters in Applied Mathematics and CS. I have traded for the last 7 years, thousands of trades, successful until last October, I had left my account with no hedge while out of the country on business and was margin called for the total of my account of close to 1.75 million. I really want to get back into trading but i see the a huge error was trading with my own money and not having access to resources professional traders normally have.

# ? Jun 26, 2019 03:35

brugroffil: Nov 30, 2015

Ah yes if only I could trade with Goldman Sachs' money I'd be golden!

# ? Jun 26, 2019 03:38

Gazpacho: Jun 18, 2004; by Fluffdaddy; Slippery Tilde

Who can forget the scene in It�s a Wonderful Life where George Bailey�s wife bails out the bank with the honeymoon money she borrowed from another bank? :allears:

# ? Jun 26, 2019 09:10

paternity suitor: Aug 2, 2016

jjack229 posted:

"When Mary Naklicki got married in 1977, her parents paid $10 per person for her reception. Naklicki may have to pay 11 times that for her daughter’s November wedding.
“There’s so much more to pay for now,” said Naklicki, 62, who lives in Millsboro, Del. “These kids have photo booths and videographers. There was none of that when I got married. I paid for my gown, flowers and the photographer and that was it.” "

It bothers me when people try to compare costs without adjusting for inflation. $10 in 1977 is $42 today. So today's wedding cost is 2.6x more, which is significant, but not the 11x more that the article is implying.

It's interesting because 1977 is 42 loving years ago. I'd like to see this lady compare her wedding in 1977 to a wedding from 1935. I'm sure 1935 Ethyl Naklicki was married for the price of a fertile cow and the reception was on a dirt farm, and then her honeymoon was having 19 children immediately, and I also bet she didn't bitch in 1977 when her daughter had a better wedding.

Somehow anything from 1965 until now is the same era, but everything before that is some crazy before time when things were different. It's almost as if some selfish generation happened and has tried to control the narrative of everything for 50 years.

# ? Jun 26, 2019 12:33

BloodBag: Sep 20, 2008; WITNESS ME!

canyoneer posted:

This post was made in 2019, not 1950

You miss 100% of the shots you don't take, I guess.

# ? Jun 26, 2019 12:34

jjack229: Feb 14, 2008; Articulate your needs. I'm here to listen.

Anything I can do to help my back tax situation? posted:

the account was margin called for everything I had. ... didn’t goto Vegas...

I fail to see the difference.

# ? Jun 26, 2019 13:40

Midjack: Dec 24, 2007

jjack229 posted:

I fail to see the difference.

He would probably have gotten comped a muffin from the coffee shop in a casino.

# ? Jun 26, 2019 14:26

Lysandus: Jun 21, 2010

Lysandus posted:

Brother: I needed a truck today.
Me:
Brother: I got a good rate on the loan, only 10%.
Me:
Brother: It's only 6 years plus they threw in a service contract for only $2500.
Me:
Brother: A bank wouldn't have gave me a better rate. Banks only want to rip you off.
Me:

Same brother just clicked a thing on Facebook that offered student loan forgiveness. This forgiveness involved them getting his SSN and debit card number and charging him $250 a month for something he's not clear on what they would do. I had to freeze his credit and talk him into going to the bank to get a new debit card.

They called him after his card number changed because they charge didn't go through and he probably would have given them the new debit card number if I hadn't been standing there to stop him.

# ? Jun 26, 2019 14:28

Splicer: Oct 16, 2006; from hell's heart I cast at thee
🧙🐀🧹🌙🪄🐸

Maybe you should tell him about the rabbits

# ? Jun 26, 2019 14:35

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

can I be your brother's findom

cuz you're a real buzzkill man

# ? Jun 26, 2019 14:51

tater_salad: Sep 15, 2007

So what does margin calls have to do with his tax issues?

Did he cash out in 2018 then trade on margin and lose his shirt and not have anything to pay for his 2018 gains?

# ? Jun 26, 2019 15:02

spwrozek: Sep 4, 2006; Sail when it's windy

tater_salad posted:

So what does margin calls have to do with his tax issues?

Did he cash out in 2018 then trade on margin and lose his shirt and not have anything to pay for his 2018 gains?

That is my understanding

# ? Jun 26, 2019 15:11

Gazpacho: Jun 18, 2004; by Fluffdaddy; Slippery Tilde

I bet the car salesman fed him that line about banks.

# ? Jun 26, 2019 16:47

canyoneer: Sep 13, 2005; I only have canyoneyes for you

Never cosign, ever.
A tale as old as time.

https://www.reddit.com/r/personalfinance/comments/c5q50w/trusted_a_family_member_with_a_car_in_my_name/
Trusted a family member with a car in my name
Auto

quote:

Made a decision that I�ve now realized was a mistake so lesson learned.

Helped out a family member and had a car purchased in my name and they agreed to make the payments.

The vehicle is currently 4 months behind and the bank is giving me Friday to catch up on the payments or the car will be repossessed.

The family member moved out the state without my knowing.

What would you guys/girls do, with reporting the car stolen being the last resort?

Edit: Dodge will only track the vehicle location if their is a police report and the vehicle has a Uconnect subscriptions.

Hmm, the bank isn't willing to lend $30k to this dude, I should be his bank instead!

# ? Jun 26, 2019 16:53

Ham Equity: Apr 16, 2013; The first thing we do, let's kill all the cars.; Grimey Drawer

paternity suitor posted:

It's interesting because 1977 is 42 loving years ago. I'd like to see this lady compare her wedding in 1977 to a wedding from 1935. I'm sure 1935 Ethyl Naklicki was married for the price of a fertile cow and the reception was on a dirt farm, and then her honeymoon was having 19 children immediately, and I also bet she didn't bitch in 1977 when her daughter had a better wedding.

Somehow anything from 1965 until now is the same era, but everything before that is some crazy before time when things were different. It's almost as if some selfish generation happened and has tried to control the narrative of everything for 50 years.

Remember, a "tradition" is something that happened to a Baby Boomer twice.

# ? Jun 26, 2019 17:01

Cacafuego: Jul 22, 2007

paternity suitor posted:

It's interesting because 1977 is 42 loving years ago. I'd like to see this lady compare her wedding in 1977 to a wedding from 1935. I'm sure 1935 Ethyl Naklicki was married for the price of a fertile cow and the reception was on a dirt farm, and then her honeymoon was having 19 children immediately, and I also bet she didn't bitch in 1977 when her daughter had a better wedding.

Somehow anything from 1965 until now is the same era, but everything before that is some crazy before time when things were different. It's almost as if some selfish generation happened and has tried to control the narrative of everything for 50 years.

What about Ethyl's sisters Methyl and Polyethyl?

# ? Jun 26, 2019 17:53

dpkg chopra: Jun 9, 2007; Fast Food Fight; Grimey Drawer

paternity suitor posted:

It's interesting because 1977 is 42 loving years ago. I'd like to see this lady compare her wedding in 1977 to a wedding from 1935. I'm sure 1935 Ethyl Naklicki was married for the price of a fertile cow and the reception was on a dirt farm, and then her honeymoon was having 19 children immediately, and I also bet she didn't bitch in 1977 when her daughter had a better wedding.

Somehow anything from 1965 until now is the same era, but everything before that is some crazy before time when things were different. It's almost as if some selfish generation happened and has tried to control the narrative of everything for 50 years.

Also, even if we take this story at face value, saying no to their children is apparently loving impossible but also it's the kid's faults that they're spoiled little shits.

# ? Jun 26, 2019 17:54

Gazpacho: Jun 18, 2004; by Fluffdaddy; Slippery Tilde

- She isn't "bitching" about today's weddings, she's taking it for granted that everyone needs the whole package. (They don't.)
- Since this is a thread for mocking people who spend money needlessly it doesn't make much sense to rag on bOoMeRs for doing the same.

# ? Jun 26, 2019 18:07

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

its actually a thread for mocking people for spending money on things they can't afford

different

# ? Jun 26, 2019 20:14

Vox Nihili: May 28, 2008

Cacafuego posted:

What about Ethyl's sisters Methyl and Polyethyl?

Polyethyl had a lot of trouble finding acceptance in that time period.

# ? Jun 26, 2019 20:30

zelah: Dec 1, 2004; Diabetes, you are not invited to my pizza party.

Gazpacho posted:

- She isn't "bitching" about today's weddings, she's taking it for granted that everyone needs the whole package. (They don't.)
- Since this is a thread for mocking people who spend money needlessly it doesn't make much sense to rag on bOoMeRs for doing the same.

Oh so you�re like OLD old huh?

# ? Jun 26, 2019 22:51

TraderStav: May 19, 2006; It feels like I was standing my entire life and I just sat down

Vox Nihili posted:

Polyethyl had a lot of trouble finding acceptance in that time period.

There's a chemistry joke here I don't get.

# ? Jun 26, 2019 23:11

Papa Was A Video Toaster: Jan 9, 2011

TraderStav posted:

There's a chemistry joke here I don't get.

I thought it was a polyamory joke.

# ? Jun 26, 2019 23:12

Dik Hz: Feb 22, 2004; Fun with Science

Vox Nihili posted:

Polyethyl had a lot of trouble finding acceptance in that time period.

And their cousin isoPropyl just rubbed everyone the wrong way.

# ? Jun 26, 2019 23:14

paternity suitor: Aug 2, 2016

Gazpacho posted:

- She isn't "bitching" about today's weddings, she's taking it for granted that everyone needs the whole package. (They don't.)
- Since this is a thread for mocking people who spend money needlessly it doesn't make much sense to rag on bOoMeRs for doing the same.

IM ON TO YOU BOOMER

# ? Jun 26, 2019 23:18