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.
I am certainly not "working the system". Only once in my life has my income exceeded the $52,200, and that was only due to my adviser's negligence.
As I stated, I paid $16,000 of capitol gains taxes that year, of which I saw not a dime of that $16,000.
In 2002 and 2008, my total income was actually less than zero dollars because I lost 42% and 28% of my mutual funds respectively, which combined were more than the $20,000 income from my job. I still paid taxes and got no refund.
I cannot safely redeem only one bond at a time because the additional $9,000 could put me over the limit, depending on my mutual fund performance for the year, which I certainly could not know in advance..
Other than that freak year mentioned above. my total income has never exceeded $44,000, but this is still too high to risk adding another $9,000.
My mother does not need the money, so beginning next year, I will have my tax man calculate my reported income without the bonds before submitting the taxable income. If the total is under $43,000, I will cash in a bond.
here in nyc while there is an income cap on getting in to a nyc housing project there is no income cap after you are in . you need to see what local laws are .
i grew up in a nyc housing project , it has been a life long goal never to raise my own family in one . why anyone with substantial resources would ever want to live in one here escapes me .
here in nyc while there is an income cap on getting in to a nyc housing project there is no income cap after you are in . you need to see what local laws are .
i grew up in a nyc housing project , it has been a life long goal never to raise my own family in one . why anyone with substantial resources would ever want to live in one here escapes me .
Sounds like you're talking about something like Section 8.
Low income senior housing is far different. Check out Section 42, or Litech, I think it's called. Around here, they are building them in all areas, including upscale. The OP mentioned the word SENIOR, which indicates "families" don't live there. Big, big differences between "the projects" and Section 42 Senior housing.
How does Section 42 differ from other rent assistance programs, like Section 8?
The residents who live in Section 42 units must be income and program eligible similar to residents who live in rental assistance developments. However, the rent that a Section 42 resident will pay is capped at a fixed amount and includes utilities that are the resident’s responsibility. In rental assistance programs such as Section 8, the resident’s rent is based on 30% of his/her income and the remaining adjusted portion is funded by the federal government. The Section 42 Program is not a government- subsidized rental program.
no not section 8 . new york city housing projects are not just section 8 .. you need a certain income max to qualify . your rent is based on a percentage of your income . it has nothing to do with section 8 . but once you are in there is no cap on earnings , you just end up paying a higher percentage of income but it is still very low as far as rents go . the problem is the waiting list is 320,000 people long and all have to be in a certain income range to qualify .
you have very high income people who are still taking up apartments in the projects but our laws do not allow eviction if you go over the income caps once you are in ..
As a landlord and under some conditions you can carry forward or carry back net operating losses. (Forward 3 years, back 2 years, AFAIK.) Consult with your CPA.
So you Plan to mess up any Housing or help your mom may need.... How Cruel! All so You can live in Low Income Housing!
I think you missed the part where I said my mom's income is in a higher tax bracket than mine.
Additionally, whereas I have four bonds, my mother has an additional 14 bonds. My four bonds were given to me by my late grandfather back in 1986, but fortunately for me, my mom's name is also on the bonds.
Her and I try to take care of my Dad who has dementia, but their combined retirement and investments is much higher than mine, and they live in a nice house.
Fortunately my financial adviser left the company, so I did not have to fire him.
My more recent one, who I liked, also left the company, so I need to find another replacement.
I do not consider my apartment as "Low income housing" since the $52,200 cap is not low income.
About half of my reported income cannot be redeemed, because I will get taxed on everything that I cash in, and would be forced to vacate.
I would like to redeem some of my mutual funds and use the money to buy physical silver, but anything I redeem will need to be reported as taxable income, and I thus again run the risk of having to vacate.
Last edited by witsendman; 02-04-2017 at 02:45 PM..
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.
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.
