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DMiller 
Orange Level Access
Joined: 14 Sep 2009
Location: Hermann, Mo
Points: 33987
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 Topic: Bad Juju
Posted: 23 Oct 2019 at 8:21am |
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Was speaking to my tax accountant as to how much can get away with against capital gains. As I am aging I am not managing so well with farm chores and considered selling 68 acres off while pricing is HIGH to pay the House mortgage down.
He in all basis said Don't Do It!!
Two things, Capital Gains tax of 15% fed and 6% State right off as for all purposes the farm is paid for where the loan is on the house. If pay down the house to refinance will not be enough after taxes and frustration to make it better as will also show up as Taxable Income against my Social Security payments and I would lose that for the next year, ENTIRELY, first to becoming MORE taxable on the benefits amount second to the income limitation of $17,800 where every $2 above that income level not as a pension or retirement account will cost me $1 of SSI Payment until I pass 71 years old.
Crap! Bad Juju and here I thought could be a Fart Smeller kind of guy get out of debt, not in those cards.
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chaskaduo
Orange Level
Joined: 26 Nov 2016
Location: Twin Cities
Points: 5200
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Posted: 23 Oct 2019 at 8:59am |
Uncle Sam prides himself on fingering out every possible way to get all the little guys money, just short of "How much did you make, send it in.". Did your tax accountant figure out any steps to take to help you out?
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1938 B, 79 Dynamark 11/36 6spd, 95 Weed-Eater 16hp, 2010 Bolens 14hp
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Sugarmaker
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Joined: 12 Jul 2013
Location: Albion PA
Points: 8521
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Posted: 23 Oct 2019 at 9:00am |
DMiller, Seems that they have it figured to get everything they can from us! Hope you get to feeling better. Maybe rent some of the ground out, or cut back on your work? Regards, Chris
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D17 1958 (NFE), WD45 1954 (NFE), WD 1952 (NFE), WD 1950 (WFE), Allis F-40 forklift, Allis CA, Allis D14, Ford Jubilee, Many IH Cub Cadets, 32 Ford Dump, 65 Comet.
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Hubert (Ga)engine7
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Joined: 12 Sep 2009
Location: Jackson Cnty,GA
Points: 6468
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Posted: 23 Oct 2019 at 11:35am |
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The government has people working day and night to figure out how to stick it to us tax payers, especially the ones that have paid into social security all of their working lives. Put our congress people on SS and you would see all of that rapidly change. But there is no way they would vote that in.
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Just an old country boy saved by the grace of God.
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DMiller
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Joined: 14 Sep 2009
Location: Hermann, Mo
Points: 33987
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Posted: 23 Oct 2019 at 12:07pm |
 chaskaduo wrote:
Uncle Sam prides himself on fingering out every possible way to get all the little guys money, just short of "How much did you make, send it in.". Did your tax accountant figure out any steps to take to help you out? |
He is gonna call me back as figures what I can do, already know what Can't.
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PaulB
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Joined: 12 Sep 2009
Location: Rocky Ridge Md
Points: 5106
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Posted: 25 Oct 2019 at 7:16am |
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Any yet the tax accounts can figure out to hide income from the top 1% so they pay $0000 in taxes😼😼😼
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If it was fun to pull in LOW gear, I could have a John Deere.
Real pullers don't have speed limits.
If you can't make it GO... make it SHINY
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Dave H
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Joined: 11 Sep 2009
Location: Central IL
Points: 3583
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Posted: 25 Oct 2019 at 7:33am |
I don't get the issue of limiting income in order that some social security will all go in the pocket,
I always thought that at a certain level of income the social security is figured into earned income and thus taxed accordingly as it is considered taxable income'
Gov is gonna get his share of taxable income, but I am not familiar with docking of social security per say. 
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jaybmiller
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Joined: 12 Sep 2009
Location: Greensville,Ont
Points: 24694
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Posted: 25 Oct 2019 at 8:20am |
here, North of the 49th, reelected King Trudeau is going to tax selling your house on a 'sliding scale'... 50% 1st year...5th year, 5%.. Average house sale here is about 1 million bucks, so the King will get 500,000 Canucks ! While 'designed' to punish speculators, it'll badly hurt lot of others, those who buy then have to sell(divorce ..) or downsize(hubby dies)...or need bigger house(buns in oven) or move(job related). Once it becomes law, I suspect house sales will STALL, as in near ZERO resales.
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3 D-14s,A-C forklift, B-112
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Never burn your bridges, unless you can walk on water
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Rhoadesy_65
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Joined: 28 Jul 2019
Location: Versailles, OH
Points: 151
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Posted: 25 Oct 2019 at 8:47am |
jaybmiller wrote:
here, North of the 49th, reelected King Trudeau is going to tax selling your house on a 'sliding scale'... 50% 1st year...5th year, 5%.. Average house sale here is about 1 million bucks, so the King will get 500,000 Canucks ! While 'designed' to punish speculators, it'll badly hurt lot of others, those who buy then have to sell(divorce ..) or downsize(hubby dies)...or need bigger house(buns in oven) or move(job related). Once it becomes law, I suspect house sales will STALL, as in near ZERO resales.
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What kinda commie crap is that. They already say less younger people are buying houses, so lets make it harder for new couples to find existing houses. That way for farm lad can be developed and price of land goes up. Thats exactly what is needed. I hope no one in the US gets that idea. It will already be hard enough to find land close to home when I graduate college in two years.
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Farmin' with 1981 7010 PD, 1983 6080, 1983 8010, Gleaner R42 in Darke County OH
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Scott B
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Joined: 14 Sep 2013
Location: Kansas City
Points: 1048
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Posted: 25 Oct 2019 at 9:21am |
[QUOTE=jaybmiller] here, North of the 49th, reelected King Trudeau is going to tax selling your house on a 'sliding scale'... 50% 1st year...5th year, 5%.. Average house sale here is about 1 million bucks, so the King will get 500,000 Canucks ! While 'designed' to punish speculators, it'll badly hurt lot of others, those who buy then have to sell(divorce ..) or downsize(hubby dies)...or need bigger house(buns in oven) or move(job related). Once it becomes law, I suspect house sales will STALL, as in near ZERO resale Whew ! and WOW!. Seems like these kind of taxe issues never come up down in the U.S whenever folks talk about the 'free' healthcare up North in Canada. I think we'd have a full on revolt and the Government would then be able to see everyone's guns they're wanting to take away!  |
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D17 Series 1
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Allis B- 1945
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DMiller
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Joined: 14 Sep 2009
Location: Hermann, Mo
Points: 33987
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Posted: 26 Oct 2019 at 9:58am |
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Still nothing I have an appointment ($$$) come Thursday on this for advice.
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