Posted on 01/04/2018 9:00:13 PM PST by Kevin in California
Billionaire environmentalist and Democratic mega-donor Tom Steyer is ready to announce what his next move in politics will be.
My retirement cannot come soon enough (I still have 7 years...sigh) so I can get the hell out of this state of California.
Lear Jet Leftist.
Expects to rule the world as part of the Global Inner Party, and be part of the politburo which selects who will be Big Brother.
I was reading a story last week about a guy who had a rug his grandma left him and he had it appraised and found out it worth millions, it was some rare Navaho rug from the 1800s and he ended up selling it for $1.5 million. He said he thought all his financial problems were solved until he found out all the taxes he would have to pay in California. He said he would have been broke in a few years so he ended up moving out of state. I was like is this guy kiddin me? It’s THAT bad in California?? No wonder there’s homeless all over LA!
I am hoping that he will announce that he is donating his organs
Yes, but what reasonably bright chimp would take any of them?
The last California taxes my wife and I plan to pay will be the capital gains on the sale of our house before we move out of state.
I hope his announcement is that he is dropping dead at the end of the press conference.
I don’t want to miss lunch because of him.
I was kinda hoping he was going to ESAD on national TV as a gesture of goodwill to humanity.
He’s going to run for President as a Democrat.
Duh.
If you sell your home after you move out of state and
say declare residency in Florida, do you have to pay any capital gains tax at the state level. Obviously, you will pay federal income tax on the gains but just file a Florida
tax return. (I am not an accountant but I live in Maine which has a high state income tax but will retire in two years and will be selling property in ND and/or MN).
Ha, ha, I like that idea. His BS TV spots make me so mad. They are so full of lies.
They would all be diseased so no sale.
I know if you operate any business in CA even after you leave, you can be taxed on the CA income. (Not income generated somewhere else.)
CA wanted to continue to tax a pension paid by a company in CA even if you moved out of state to retire. They lost that battle, so you can receive a pension earned in state and live out of state. You will have to pay tax on the pension if the state you move to has an income tax. But there are several states without state income tax.
Tom comes up in the pizzagate memos. It would be a fantastic spotlight to have him declare he is running for president.
Yes. CA will withhold 3 1/3% of the sale for taxes if you do not live in the state, or if it is a rental property.
The escrow company will withhold at closing.
You should get a $500K exclusion on the capital gains of your personal residence if you lived in the house 2 of the last 5 years.
Correct.
I guess you’ve been living in the same house for a while if your cap gains exceed the section 121 exclusion.
I am aware of the capital gains exclusion.
We've lived in our current house for over 23 years, plus we have a deferral of capital gains from the house we owned prior to that for 10 years. Our current house was purchased before the current $250k/$500k capital gains exclusion was implemented. Back in the day, capital gains on house sales were deferred if you purchased the next house at or above the sale price of the first house.
We purchased our first house just at the edge of the real estate explosion in Silicon Valley. Add to that being located in one of the most desirable public school districts in California, and our house is ridiculously (over!) priced. The $500k exclusion will help, but it won't cover all of the capital gains.
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