U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-11-2010, 07:44 AM
 
64,859 posts, read 66,374,448 times
Reputation: 43240

Advertisements

not always true about ny pensions being taxed out of state...many states including pa where we are going dont tax pensions regardless. my wife gets a nyc pension.

if you live in manhattan you dont need a car but i cant imagine living anywhere else but manhattan and having no car.. as a kid growing up my parents had no car..life sucked for us..!

yes you can become members of places like the zoo for over 100 bucks a year but out of new york you are talking 10-15 bucks most of the time for zoos and 5 bucks or less for most everything else.

we do have some free days or museums on us if you have certain credit cards but gas ,tolls and parking usually are killers unless you shlep on the train.

overall as much as i like nyc not something i want to deal with in retirement.

if money were no object id consider staying on long island in retirement out east.
Reply With Quote Quick reply to this message

 
Old 06-11-2010, 07:54 AM
 
Location: Beautiful Pelham Parkway,The Bronx
8,394 posts, read 19,671,282 times
Reputation: 6223
Quote:
Originally Posted by mathjak107 View Post
not always true about ny pensions being taxed out of state...many states including pa where we are going dont tax pensions regardless. my wife gets a nyc pension.

if you live in manhattan you dont need a car but i cant imagine living anywhere else but manhattan and having no car.. as a kid growing up my parents had no car..life sucked for us..!
Don't know why you feel that way as long as the subway is close by.I obviously don't live in Manhattan but I am 2 blocks from the subway or express bus to Manhattan so midtown is 30 or 35 mins away.I have every type of store within 4 blocks.I live literally across the street from The NY Botanical Garden and The Bronx Zoo and a 15 min walk( through the botanical garden) from Little Italy.City Island is a 15 min bus ride away.I could even get to Coney Island much faster by subway than car.I really see absolutely no need to have a car unless I want to leave the city, in which case there is always zip car.
I guess it might be different if you lived in a less convenient neighborhood but then just move to a more convenient neighborhood.
Reply With Quote Quick reply to this message
 
Old 06-11-2010, 08:16 AM
 
64,859 posts, read 66,374,448 times
Reputation: 43240
after living part time outside of new york in the poconos of pa i just find the quality of life is soooooo much better... been born and bred in brooklyn the first 25 years of life and lived in queens the last 33 years.....


shleping on the subway?????????? yeeech reminds me of life as a kid as we had no car.....

while i enjoy all new york city has to offer i just find it more enjoyable to live
elsewhere.

the pace of life, what you get for your money and the forests,lakes ,wildlife and trees surrounding our home is spectacular .

i guess its kind of like when you enjoy the grand children but sending them back home is the best part ha ha ha

id consider the east end of long island but its just not affordable in retirement... so the next best thing is live within 2 hrs of the city and visit every so ofton and then go back home to pa.

i can tell you i wont be thinking about collecting rents, tenants and landlording issues thats for sure.......

Last edited by mathjak107; 06-11-2010 at 09:13 AM..
Reply With Quote Quick reply to this message
 
Old 06-11-2010, 06:20 PM
 
Location: La La Land
1,514 posts, read 1,899,523 times
Reputation: 2463
I would leave so fast it would make my own head spin. Having traveled to many other states and spent a number of weeks there at a time, every single one had a better quality of life than NYC. As a 50 year resident, trapped because of my job, I have watched this city become a cold, impersonal, harsh place of haves and have nots. The last straw was our present sham of a mayor whose sole purpose is to create two classes: him and his cronies and then the rest of the city that has to play by all his rules.
Reply With Quote Quick reply to this message
 
Old 06-12-2010, 03:04 AM
 
64,859 posts, read 66,374,448 times
Reputation: 43240
Quote:
Originally Posted by queensgrl View Post
The part about gifting them the rent/maintenance is interesting and seems like a good idea.

If you had to choose between keeping a co-op in a great NYC neighborhood that will probably improve over the next 15 years (proposed retirement date) or selling it it in a couple of years to buy a cheaper house in a not-so-great neighborhood (forget about tenants -- this move would be to reduce monthly expenses, and the gain on the co-op is nil) which would you choose and why?

BTW, I own some REITs, a real estate securities mutual fund and a fund that invests directly in diverse properties. I'm a former financial services professional/Series 7 so I feel well-informed enough to direct my investments properly.
just pay the bills and the kids live there..period... i certainly wouldnt call it giving them the rent because that makes it a rental and you would have to start declaring the rent and even though there is no profit you would have to start taking depreciation whether you wanted to or not because its all recaptured at sale whether you actually took it or not.

as the owner only you can pay the maintaince ,they cant accept their check so giving them the maintaince for them to pay cant be done either.

basically you just pay the bills and accept no rent.... thats the best way.


these technicalities will drive you nuts.
Reply With Quote Quick reply to this message
 
Old 06-12-2010, 03:48 AM
 
64,859 posts, read 66,374,448 times
Reputation: 43240
Quote:
Originally Posted by quixotic59 View Post
I would leave so fast it would make my own head spin. Having traveled to many other states and spent a number of weeks there at a time, every single one had a better quality of life than NYC. As a 50 year resident, trapped because of my job, I have watched this city become a cold, impersonal, harsh place of haves and have nots. The last straw was our present sham of a mayor whose sole purpose is to create two classes: him and his cronies and then the rest of the city that has to play by all his rules.
i have to agree, as nice as nyc is to visit when you leave that congested mess you understand why you dont want to live there anymore...just the thought of being herded into those cattle cars everytime i want to go somewhere is enough to turn me off .....
Reply With Quote Quick reply to this message
 
Old 06-12-2010, 05:43 AM
 
64,859 posts, read 66,374,448 times
Reputation: 43240
Quote:
Originally Posted by mathjak107 View Post
just pay the bills and the kids live there..period... i certainly wouldnt call it giving them the rent because that makes it a rental and you would have to start declaring the rent and even though there is no profit you would have to start taking depreciation whether you wanted to or not because its all recaptured at sale whether you actually took it or not.

as the owner only you can pay the maintaince ,they cant accept their check so giving them the maintaince for them to pay cant be done either.

basically you just pay the bills and accept no rent.... thats the best way.


these technicalities will drive you nuts.
all your deductions would have to be taken as a 2nd home..... but then the issue is if you go to sell it depending how much time has elapsed it may not qualify for the capital gains exclusion. the rules are different when something was your primary but now its not. you needed to have it as your primary for at least 2 years out of the last 5 years before the sale.

so if you let the kids live in your apartment but your primary is now somewhere else because your not living there then if you sell 6 or more years later you get no capital gains exclusion ...

..the reverse is true too, if you own a 2nd home and make it your primary the capital gains exclusion is pro-rated over the length of time you own it vs the length of time its your primary..... there is no easy way trying to do this stuff...you really need to talk to a real good pro no matter how good of an idea you think you have

Last edited by mathjak107; 06-12-2010 at 06:24 AM..
Reply With Quote Quick reply to this message
 
Old 06-12-2010, 06:37 AM
 
Location: NYC
2,296 posts, read 4,521,417 times
Reputation: 1082
Quote:
Originally Posted by queensgrl View Post
The part about gifting them the rent/maintenance is interesting and seems like a good idea.
Quote:
Originally Posted by mathjak107 View Post
just pay the bills and the kids live there..period... i certainly wouldnt call it giving them the rent because that makes it a rental and you would have to start declaring the rent and even though there is no profit you would have to start taking depreciation whether you wanted to or not because its all recaptured at sale whether you actually took it or not.

as the owner only you can pay the maintaince ,they cant accept their check so giving them the maintaince for them to pay cant be done either.

basically you just pay the bills and accept no rent.... thats the best way.


these technicalities will drive you nuts.
I said gifting as in the estate planning tactic. "If you give people a lot of money or property, you might have to pay a federal gift tax. But most gifts are not subject to the gift tax. For instance, you can give up to the annual exclusion amount ($13,000 in 2009 and 2010) to any number of people every year, without facing any gift taxes. Recipients never owe income tax on the gifts." (Turbo Tax). Both sides win in this situation and the kid can then afford his high rent district
Reply With Quote Quick reply to this message
 
Old 06-12-2010, 06:46 AM
 
64,859 posts, read 66,374,448 times
Reputation: 43240
we are getting off track. origionally it was stated it was good tax wise to gift ownership in your property to the kids and to gift the maintaince and expenses to them.

as i stated thats not a smart move tax wise to gift ownership in property because they may incurr taxes where none were due if they simply inherited the property or civily in case of divorce or lawsuites..

giving kids a check each month or year is something anyone can do without somehow tieing it into a property or rent or anything for that matter,just give it....


but the point is why bother, just pay the bills and the kids live free... its not like they can pay the maintaince with that money if you own the co-op ..only you can as the owner,there check isnt acceptable... so im confused as to this whole thing..

i see no reason to even get involved here gifting if all you want to do is let your kids live rent free in your owned apartment...

if want to give your kids up to the limit each year, thats fine....just do it and file the form if you go over the limit..the reality is i doubt anyone ever files that form..

the gift tax form is filled out so infrequently as its basically the honor system that i heard they actually ring a bill when they get a gift tax form in holtsville....

i wonder if they are still awaiting their first ding. im not saying dont file the form if you go over the limit , you have to,its the law but i wonder if anyone ever does.

Last edited by mathjak107; 06-12-2010 at 07:12 AM..
Reply With Quote Quick reply to this message
 
Old 06-12-2010, 07:12 AM
 
Location: NYC
2,296 posts, read 4,521,417 times
Reputation: 1082
Quote:
Originally Posted by mathjak107 View Post

want to give your kids up to the limit each year, thats fine....just do it and file the form..the reality is i doubt anyone ever files that form..

the gift tax form is filled out so infrequently as its basically the honor system that i heard they actually ring a bill when they get a gift tax form in holtsville....

i wonder if they are still awaiting their first ding.
maybe the people that gift really don't need the tax break and those that do aren't aware of it. actually, i completely forgot about it but it makes sense for kids to get money they need now instead of later and having to pay estate taxes. i have a friend who was hit hard by them and it could have been avoided if his folks had gifted annually.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top