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Old 04-20-2009, 01:40 PM
 
Location: San Diego
5,319 posts, read 7,865,551 times
Reputation: 3376

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Quote:
Originally Posted by pghquest View Post
Properties go into land trusts thereby giving me ZERO tax liabilities, the distribution company turns inventory over and it expenses all of the profits before the end of the year by buying up new equipment or turning over inventory (I gave $50,000 worth of inventory to a library last year alone), the stocks go into an IRA, again ZERO tax liabilities, ALL of them go towards a retirement, and if you think I'm constanlty boasting you just missed the other thread where I'm taking a 15% loss today in the market..

Funny .... that's not what you said here?

Quote:
Originally Posted by pghquest View Post
Yeah, it really hurts to see my stock portfolio double in a month.. I guess possibly once I look at the tax consequences of doing so..
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Old 04-20-2009, 01:47 PM
 
69,372 posts, read 55,536,220 times
Reputation: 9363
Quote:
Originally Posted by RD5050 View Post
Funny .... that's not what you said here?
Are you denying the tax rate is going up? Do you have a clue when IRAs are taxed?
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Old 04-20-2009, 02:20 PM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 19,320,578 times
Reputation: 2499
Stock market not looking so hot today....that DAMNED Bush!!!!!!!!!

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Old 04-20-2009, 02:21 PM
 
Location: The Land of Lincoln
2,522 posts, read 3,926,391 times
Reputation: 574
down 289 as of now. SUcks.
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Old 04-20-2009, 02:31 PM
 
69,372 posts, read 55,536,220 times
Reputation: 9363
71% of companies fell
16% rose
13% the same
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Old 04-20-2009, 03:23 PM
 
Location: San Diego
5,319 posts, read 7,865,551 times
Reputation: 3376
Quote:
Originally Posted by pghquest View Post
Are you denying the tax rate is going up? Do you have a clue when IRAs are taxed?
FIRST .... I hold a regular IRA, a Roth IRA and have also held a 401K which I converted to an IRA. I'm very familiar with retirement plans.

Regular IRA's and 401Ks are taxed as regular income when the money is withdrawn after age 59 1/2. There are no capital gain taxes on the growth of your holdings while in the IRA.

Roth IRA's are taxed as regular income at the time the money is deposited into the IRA. No tax on future growth, or on withdrawls after age 59 1/2. That is the beauty of the Roth.

SECOND .... YOU contradicted yourself by first stating that your money is in an IRA, and you were also worried about the tax consequences. THERE ARE NO TAX CONSEQUENCES. Once the money is in the IRA, you can trade all you want without having to pay any capital gains tax. That is what an IRA is!! Talk about having a clue?

Your IRA goes up ... it goes down. You can trade stock A for B for C ... you pay no taxes on the trades while it is in the IRA. The only taxes paid are when you withdraw (assuming a standard IRA) ... and that is treated as REGULAR income for tax purposes.

So once again I question why YOU are concerned with the tax consequences! One minute you are saying you have no tax consequences, the next you are saying you do. Which is it???? You can't have it both ways.

THIRD ... when did I say anything about tax rates? Seems like you are trying to change the subject?

FOURTH ... why are you even concerned about taxes of your retirement accounts? Will Obama be president at the time you retire?

Last edited by RD5050; 04-20-2009 at 03:38 PM..
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Old 04-20-2009, 03:26 PM
 
Location: The Planet Mars
2,150 posts, read 2,310,383 times
Reputation: 523
Quote:
Originally Posted by pghquest View Post
Flat out lie.. I NEVER said states do not have debt, let me quote the EXACT thread Rick Perry (R-TX) champion of irony

Meaning, no liability for FEDERAL debt.. I misspoke at the end by not making "federal" debt what I meant, but I very clearly acknowledged that states have debts..

Your post that you reference above clearly states that 'Since many states are required by state constitutions to hold a balanced budget, most states have no debt..'. that is factually flat out incorrect...

You are wrong - period.
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Old 04-20-2009, 03:36 PM
 
69,372 posts, read 55,536,220 times
Reputation: 9363
Quote:
Originally Posted by RD5050 View Post
FIRST .... I hold a regular IRA, a Roth IRA and have also held a 401K which I converted to an IRA. I'm very familiar with retirement plans.

Regular IRA's and 401Ks are taxed as regular income when the money is withdrawn after age 59 1/2. There are no capital gain taxes on the growth of your holdings while in the IRA.

Roth IRA's are taxed as regular income at the time the money is deposited into the IRA. No tax on future growth, or on withdrawls after age 59 1/2. That is the beauty of the Roth.

SECOND .... YOU contradicted yourself by first stating that your money is in an IRA, and you were also worried about the tax consequences. THERE ARE NO TAX CONSEQUENCES. Once the money is in the IRA, you can trade all you want without having to pay any capital gains tax. That is what an IRA is!! Talk about having a clue?

Your IRA goes up ... it goes down. You can trade stock A for B for C ... you pay no taxes on the trades while it is in the IRA. The only taxes paid are when you withdraw (assuming a standard IRA) ... and that is treated as REGULAR income for tax purposes.

So once again I question why YOU are concerned with the tax consequences! One minute you are saying you have no tax consequences, the next you are saying you do. Which is it???? You can't have it both ways.

THIRD ... when did I say anything about tax rates? Seems like you are trying to change the subject?
There are ALWAYS tax consequences of making money.. Some are just delayed or taxed at different rates if put into trusts.

You dont think I should be concerned about tax consequences because I'm not paying them now?
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Old 04-20-2009, 03:44 PM
 
69,372 posts, read 55,536,220 times
Reputation: 9363
Quote:
Originally Posted by mrbob View Post
Your post that you reference above clearly states that 'Since many states are required by state constitutions to hold a balanced budget, most states have no debt..'. that is factually flat out incorrect...

You are wrong - period.
I know your slow mrbob.. Here, let me AGAIN put it into bold without you cutting and pasting to make an argument that again does not exist..
Quote:
Originally Posted by pghquest View Post
The creditors have recourse against the US Government, not individual states. States are only liable for the debts that their individual states have created.. Since many states are required by state constitutions to hold a balanced budget, most states have no debt..
If you think I'm wrong because I miskeyed something that anyone with some intelligence can read that clearly said the states HAVE debts, then woo hoo high five.. way to go.. Do you feel better now?

I hope so because thats what conservatives do, live to make liberals feel smart even if they arent.

btw, hows the market today? Still think Obama is a genius? I'm sure you do, rhetoric question no need to answer.. At least you finally got the title correct, Republicans upset, just review what way the market went before responding.. I know, it'll be tough to figure out, hint.. its in red.. every indicator is in red...

its almost humorous to think that you just bumped up this thread considering what happened to the market today...
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Old 04-20-2009, 03:51 PM
 
Location: San Diego
5,319 posts, read 7,865,551 times
Reputation: 3376
Quote:
Originally Posted by pghquest View Post
There are ALWAYS tax consequences of making money.. Some are just delayed or taxed at different rates if put into trusts.

You dont think I should be concerned about tax consequences because I'm not paying them now?
Not if it is in a Roth IRA.

You only pay taxes on the money which is initially put into the Roth, and those taxes are treated as regular income. The holdings in the Roth grows tax free ... forever ...so you DO make money without tax consequences.

And I edited my previous post with a FOURTH ... but I'll say it again here ... what does Obama have to do with the money you will be withdrawing whenever that time comes? Are you currently over 51? (i.e. Obama 2012 !!! )

The fact that you are worried about tax consequences on holdings in a retirement account makes me wonder???

One minute you are saying you have ZERO tax consequences ... and the next minute you are saying you always have tax consequences ??? (refer to post #181 above)

Maybe HubbleRules was correct about your "boasting" ??? hmmmm ...

Last edited by RD5050; 04-20-2009 at 04:00 PM..
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