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If you buy stocks while living in a state that collects income tax, then purchase a residence in a state that does not collect income (capital gains) tax, would you get taxed on the former or latter if you sell the stock at a profit?
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Aug 2, 2020 02:26
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SkunkDuster posted:If you buy stocks while living in a state that collects income tax, then purchase a residence in a state that does not collect income (capital gains) tax, would you get taxed on the former or latter if you sell the stock at a profit? The taxable event is when you sell the stock so the state taxes would be based on that timing. That’s assuming the state doesn’t collect tax on investments. So it would help if you said which state.
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Aug 2, 2020 07:40
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pseudanonymous posted:The taxable event is when you sell the stock so the state taxes would be based on that timing. That’s assuming the state doesn’t collect tax on investments. So it would help if you said which state. California and Texas. I heard something about Elon Musk moving to Texas to avoid paying captial gains tax when he sells his stock. I was wondering if you could just buy some cheap trailer home in another state and claim that as your residence to avoid paying tax on the sales of stock.
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Aug 2, 2020 16:40
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SkunkDuster posted:I was wondering if you could just buy some cheap trailer home in another state and claim that as your residence to avoid paying tax on the sales of stock. Residency requires actually residing somewhere. Otherwise it's just regular 'ol tax fraud.
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Aug 2, 2020 17:01
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owlhawk911 posted:
I'm not saying we should trust them. They most probably will abuse that information. I'm saying the abuse of that information is worth the lives saved. It's not exactly a black and white situation.
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Aug 2, 2020 17:12
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Motronic posted:Residency requires actually residing somewhere. Otherwise it's just regular 'ol tax fraud. There's a fine line between tax fraud, tax evasion, and tax avoidance. Thankfully people like Musk can afford to pay hundreds of thousands of dollars to find situations that are technically tax avoidance so they don't pay millions of dollars in taxes.
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Aug 2, 2020 18:04
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Seriously though, it’s ok to violate HIPAA if we only do it when we are afraid, right?
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Aug 2, 2020 18:53
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pseudanonymous posted:There's a fine line between tax fraud, tax evasion, and tax avoidance. Thankfully people like Musk can afford to pay hundreds of thousands of dollars to find situations that are technically tax avoidance so they don't pay millions of dollars in taxes. That said, this is Elon Musk so he's probably going to tweet about moving to Texas because he doesn't have to pay taxes, then posting some bonglord 420 video.
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Aug 2, 2020 19:56
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Outrail posted:I'm not saying we should trust them. They most probably will abuse that information. I'm saying the abuse of that information is worth the lives saved. It's not exactly a black and white situation. The pentagon is evil, their subcontractors are evil, and domestic law enforcement agencies are evil; I don't know how better to illustrate this than pointing at the last few years of what has been going on here. Maybe that makes me  , and if so, fine, whatever. gently caress the police, gently caress our intelligence agencies, ACAB, 1312, etc., etc., etc.
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Aug 3, 2020 22:14
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Volmarias posted:That said, this is Elon Musk so he's probably going to tweet about moving to Texas because he doesn't have to pay taxes, then posting some bonglord 420 video. Now that I think about it, maybe it was Joe Rogan I was thinking of since I heard he's also moving to Texas after selling his podcast rights. Your comment is still on point either way.
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Aug 3, 2020 22:52
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Motronic posted:Residency requires actually residing somewhere. Otherwise it's just regular 'ol tax fraud. There’s a rich guy I know, probably worth about $500 million. Intentionally splits time between homes he owns in California, Louisiana, Wyoming, Florida and South Carolina do he legally doesn’t pay income tax in any state. (He could live in Florida or Wyoming full time but wants his fancy places in Louisiana, SC, and California.) Rich people don’t live by the same rules as the rest of us.
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Aug 4, 2020 03:01
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Thanatosian posted:I would rather die than give the U.S. Government access to that level of information. I am not sure whether or not there is a level of death where I would say it would be worth it, but coronavirus isn't it. Honestly I think this is a valid position and agree with all of it. I don't think you're tinfoiling at all. There's probably a good chance they already have that information. Give it a few years and phone tracking/facial recognition and drone surveillance will basically have us pinpointed ~24hrs a day anyway.
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Aug 4, 2020 05:26
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Do you have a phone because if you carry a phone then there's several corporations that already have all this data on you.
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Aug 4, 2020 08:27
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Love this argument, any time I explain to someone that I choose to do or not do certain things due to privacy issues. I think this is a brain worm argument. Why bother? Google will track you if Facebook doesn’t. 
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Aug 4, 2020 15:24
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I take a different path to work every day to throw off the CIA
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Aug 4, 2020 15:28
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Phil Moscowitz posted:I take a different path to work every day to throw off the CIA We know -NSA
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Aug 4, 2020 16:16
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Alchenar posted:Do you have a phone because if you carry a phone then there's several corporations that already have all this data on you. Yes, but I have a different phone that I pay for in cash that gets used when I'm at places I don't want to be tracked and never gets turned on inside of where I live or places I frequent. I'm really hoping in six months or so I look back on this and think "man, I really got pretty paranoid, there."
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Aug 4, 2020 19:19
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I've got an identical twin and we have a series of switches, double switches ans glasses with various mustaches to confuse the surveillance. We're quadruplets 
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Aug 4, 2020 20:32
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Phil Moscowitz posted:There’s a rich guy I know, probably worth about $500 million. Intentionally splits time between homes he owns in California, Louisiana, Wyoming, Florida and South Carolina do he legally doesn’t pay income tax in any state. (He could live in Florida or Wyoming full time but wants his fancy places in Louisiana, SC, and California.) How does this even work? Does he just declare that none of them are his primary residence and the states are dumb enough to say it's ok to do that if you're there for less than 3 months? Does he somehow get to skip federal income tax too? 
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Aug 4, 2020 23:21
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If you don't work for a living and only have unearned income, you generally have more flexibility about when your income occurs. Like you have no income for a month, then sell some stock and have a million dollars of capital gains on that one day. So if you are planning to sell a bunch of stock, go be a Florida resident for a month and take that income in Florida where there is no state income tax, then carry the wealth back to other states.
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Aug 4, 2020 23:31
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Volmarias posted:How does this even work? Does he just declare that none of them are his primary residence and the states are dumb enough to say it's ok to do that if you're there for less than 3 months? Does he somehow get to skip federal income tax too? FL and WY don’t have income tax, so as long as those are where he “earns” his income he doesn’t have to pay income tax. (I, on the other hand, once had to file a loving Pennsylvania tax return because I traveled there for a single one day deposition.)
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Aug 5, 2020 01:27
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income tax and capital gains tax are not the same thing, guys
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Aug 5, 2020 01:37
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Leperflesh posted:income tax and capital gains tax are not the same thing, guys Some states don't give you lower rates on capital gains like the Feds do. California, for example.
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Aug 5, 2020 01:38
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Kalman posted:(I, on the other hand, once had to file a loving Pennsylvania tax return because I traveled there for a single one day deposition.) Ask me about living in Pennsylvania while working from home for a university in Alaska, my wife living & working in Pennsylvania while moonlighting in New York, and then both of us moving to Iowa, all in the same tax year. Oh and we added a kid that year.
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Aug 5, 2020 01:39
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Leperflesh posted:income tax and capital gains tax are not the same thing, guys They are for short term gains
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Aug 5, 2020 01:55
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Short-term capital gains tax being taxed at your top marginal rate does not mean that capital gains taxes magically become the same as income taxes. https://www.cbpp.org/research/state-budget-and-tax/state-taxes-on-capital-gains quote:While most states tax income from investments and income from work at the same rate, nine states — Arizona, Arkansas, Hawaii, Montana, New Mexico, North Dakota, South Carolina, Vermont, and Wisconsin — tax all long-term capital gains less than ordinary income.[2] These tax breaks take different forms. Typically, these states allow taxpayers to exclude some or all of their capital gains income from their taxable income, but others levy a lower rate than the state tax on ordinary income or provide a credit equal to a percentage of the taxpayer’s capital gains. (See Table 2.) In addition, a handful of states (including Colorado, Idaho, Louisiana, and Oklahoma) provide breaks only for capital gains on investments in in-state businesses, and a few states target preferences to investments in specific industries, like technology businesses in Virginia and the livestock industry in Kansas.[3] it is helpful to not conflate the two when discussing the topic.
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Aug 5, 2020 02:08
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Leperflesh posted:income tax and capital gains tax are not the same thing, guys Capital gains are a kind of income. Sometimes it is taxed at a lower rate, sometimes not. I don't think any of the states that don't tax earned income (wages) do tax unearned income. Florida at least doesn't. If you arrange your transactions so that all the capital gains happen while you are a part-year Florida resident, no state is taxing that income (at either normal rates or lower capital gains rates). If you make a stock sale while living in another state, the state will tax that income. You will still pay federal taxes, but not state taxes Foxfire_ fucked around with this message at 02:23 on Aug 5, 2020 |
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Aug 5, 2020 02:19
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Foxfire_ posted:Capital gains are a kind of income. Sometimes it is taxed at a lower rate, sometimes not. I don't think any of the states that don't tax earned income (wages) do tax unearned income. Florida at least doesn't. If you arrange your transactions so that all the capital gains happen while you are a Florida resident, no state is taxing that income (at either normal rate or a lower capital gains rate) Yeah that's a good clear way of stating things. I was more kind of detecting some confusion where some folks might think there was no difference between the two and trying to clarify that.
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Aug 5, 2020 02:22
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In short : taxes are hard
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Aug 5, 2020 02:23
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Kalman posted:FL and WY don’t have income tax, so as long as those are where he “earns” his income he doesn’t have to pay income tax. In a law firm run as a true partnership, partners "earn" income in any city, state, and country where work is performed. ...the firm's accounting department allocates all of this income and produces a report for them to take to their accountants. euphronius posted:In short : taxes are hard True Dat.
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Aug 5, 2020 03:23
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Foxfire_ posted:Capital gains are a kind of income. Sometimes it is taxed at a lower rate, sometimes not. I don't think any of the states that don't tax earned income (wages) do tax unearned income. Florida at least doesn't. If you arrange your transactions so that all the capital gains happen while you are a part-year Florida resident, no state is taxing that income (at either normal rates or lower capital gains rates). If you make a stock sale while living in another state, the state will tax that income. Tennessee and New Hampshire tax interest and dividends, but not wages, though Tennessee is phasing that tax out.
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Aug 5, 2020 03:24
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ulmont posted:In a law firm run as a true partnership, partners "earn" income in any city, state, and country where work is performed. Note that the word “associate” is entirely missing from this statement and you have a good summary of working for a firm and my “what the gently caress?” moment when I got my W-2 and found out I had another tax return to file.
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Aug 5, 2020 03:26
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Kalman posted:Note that the word “associate” is entirely missing from this statement and you have a good summary of working for a firm and my “what the gently caress?” moment when I got my W-2 and found out I had another tax return to file. I feel your pain, having had to file multi-state returns about every other year of my working life. E: how did they report that poo poo to you, like a "here's your state A W-2 and your state B W-2?" most places never would have noticed that.
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Aug 5, 2020 03:52
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ulmont posted:I feel your pain, having had to file multi-state returns about every other year of my working life. Been a few years but iirc I got multiple W-2s. I assume that it was automatic because they had us code the location in which work was performed for every billable item so I made the mistake of putting in PA as the code and boom, extra tax return to file.
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Aug 5, 2020 04:03
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poo poo I think I forgot to do my state return
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Aug 5, 2020 04:04
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Kalman posted:Been a few years but iirc I got multiple W-2s. I assume that it was automatic because they had us code the location in which work was performed for every billable item so I made the mistake of putting in PA as the code and boom, extra tax return to file. Impressive. I think our place just coded based on office location; I certainly don’t remember another location code field.
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Aug 5, 2020 04:33
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Alchenar posted:Explosives destabilise over time. Just bringing this post back for the guy who was storing old fireworks under his bed
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Aug 5, 2020 14:19
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Alchenar posted:Just bringing this post back for the guy who was storing old fireworks under his bed I shot them off so no worries. I'd probably be more concerned about the ammo anyway.
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Aug 5, 2020 16:25
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Posting this scenario for both to make people lol and also genuinely curious considering our covid saturated world. FAMILY LAW I have two kids in grade school and, like everybody else, felt the online learning courses were lackluster but gently caress it, we're kinda in the middle of a pandemic so whatever. Hitting pause on some things in our society right now is a good thing. I have joint physical custody (ex and I have 50/50 overnight visits), but she has sole legal custody, which in Oregon means she has final say for things like religion, education, physical looks.. not a huge deal really, and I freely gave it as a concession during trial. Now though, ex wants to unenroll the kids from their school and school district and do some sort of hippie half-baked homeschooling courses with other parents at homes because she doesn't want to "engage them in another stressful, damaging round of busywork masquerading as education". I don't disagree the online learning sucked, but damaging? A thousand people are dying a day from covid, fuckin c'mon. Anyway, my school district plans on doing full online learning through December, which is great by me, but what recourse (if any) do I have to fight to not allow my ex to unenroll my kids from our school district? She has no learning plan, no documentation or whatever else to guarantee the kids receive an equivalent form of education that's accredited and recognized by the district, and if the kids will be rotating between other parent's houses, I see that as putting them in danger of infection. That, and her scheduling some soft of program outside school during my scheduled parental time is not allowed, per the parental plan my lawyer and I drafted and was approved by a judge. I have no problem asking a lawyer if that's the best option here.
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Aug 5, 2020 16:53
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Louisgod posted:Posting this scenario for both to make people lol and also genuinely curious considering our covid saturated world. FAMILY LAW That sounds exactly like a question for the lawyer that helped you with the divorce & parental plan. They're going to know Oregon's rules about this stuff and have a better sense of how this specific judge will react. (Also if mom was represented, they may have a sense of how to lean on opposing counsel.) My (completely uninformed) guess is that you are looking for a motion to modify the parental plan and custody arrangement to limit her legal custody and require her to keep the kiddo in school. I would anticipate this being an expensive and time-consuming fight, though you might get something temporary in place keeping the kid in school for the fall. On the other hand, everything is hosed so maybe not!
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Aug 5, 2020 17:05
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