Search found 62 matches

by Larry2623
Tue Jan 09, 2018 11:53 pm
Forum: Personal Investments
Topic: Retirement 4/2018 question
Replies: 5
Views: 1129

Re: Retirement 4/2018 question

age=58 I normally max out 401k at 24500 but since I was only working 3 months this year it would have been considerably less. Not sure when in the year the ltcg will happen, major owners are shopping company first quarter. I was just going by confident assumption this year will be my highest tax bil...
by Larry2623
Tue Jan 09, 2018 1:37 pm
Forum: Personal Investments
Topic: Retirement 4/2018 question
Replies: 5
Views: 1129

Re: Retirement 4/2018 question

Thanks for replies...Single, no state tax and it was passive.

Still trying to decide if I should load up 401k contributions for 3 months working to at least save taxes on salary.
by Larry2623
Mon Jan 08, 2018 11:33 am
Forum: Personal Investments
Topic: Retirement 4/2018 question
Replies: 5
Views: 1129

Retirement 4/2018 question

I will earn about 30k from job up to my retirement on 4/15/2018. It also looks like a large long term private stock(s-corp) I own will be sold this year. I think the long term capital gain will be around 800k. Anyone think of anything I should be aware of with the large hit? Like I do not think I wo...
by Larry2623
Wed Dec 20, 2017 5:12 pm
Forum: Investing - Theory, News & General
Topic: Quite a few people I know in real life that normally don't mess with finances have brought up investing in bitcoin
Replies: 74
Views: 8416

Re: Quite a few people I know in real life that normally don't mess with finances have brought up investing in bitcoin

That's how you know it will crash soon. Remember how everyone was flipping houses in 2005-06? And at least houses were an actual thing...bitcoin is total bs...it is only valuable because about a 1000 people are manipulating it.
by Larry2623
Mon Oct 09, 2017 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Private S corp stock
Replies: 6
Views: 603

Re: Private S corp stock

stan1 wrote:
Mon Oct 09, 2017 2:40 pm
How does your state handle taxation on the sale? If you live in California you might want to move to a different state.
I live in Florida no state tax
by Larry2623
Mon Oct 09, 2017 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: Private S corp stock
Replies: 6
Views: 603

Private S corp stock

I invested $140k in my brother's private corp about 5 years ago. I do not materially participate in the business and I am a less than 1% owner. He expects to sell biz in about 14 months and I expect about $960k from sale. LT capital gains of ~$820k. I am getting ready to retire in a few months. My q...
by Larry2623
Fri Sep 29, 2017 6:06 pm
Forum: Personal Investments
Topic: I won the Lottery. Need sound advice.
Replies: 220
Views: 31145

Re: I won the Lottery. Need sound advice.

Congrats on your win!

If I were you I would first try to figure out how I got in such a terrible financial state before my win...it was really bad considering you guys were making 200k. If you do not figure out how you got there and correct it, I am afraid you will be right back there in 10 years.
by Larry2623
Sun Jul 16, 2017 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Large future capital gain
Replies: 8
Views: 1410

Re: Large future capital gain

thanks for info. I am passive. I do recieve the k1 loss statement each year that I may be able to use.
by Larry2623
Sun Jul 16, 2017 8:21 am
Forum: Personal Finance (Not Investing)
Topic: Large future capital gain
Replies: 8
Views: 1410

Re: Large future capital gain

Also I am a member of the 2017 retirement class...if that makes a diff.
by Larry2623
Sun Jul 16, 2017 8:19 am
Forum: Personal Finance (Not Investing)
Topic: Large future capital gain
Replies: 8
Views: 1410

Re: Large future capital gain

It is private stock in a casual dining restaurant chain...currently an s corp.
by Larry2623
Sat Jul 15, 2017 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Large future capital gain
Replies: 8
Views: 1410

Large future capital gain

I invested in a private company 5 or so years back. The people running things say they will either sell the company in 2018 or if they do another capital raise 2022. When this sells I was told to expect to have low 7 figure capital gain..1-3 depending on sale year. I know nothing is 100% until the s...