Rivers Family Packed Up And Left California.

[ChargingBolts]

If true he's either ready to retire or figures either Tampa or Miami could be options when negotiation period opens up. Either way it's a win for him in terms of taxes - 0 state income tax.

Guess we shall see if he uproots his family from sd.

0 state income tax doesn't help if your income is $0 due to retirement

[ChargingBolts]

the team can FT him but he doesnt have to sign it from what I understand.

If he doesn't sign I think he has to retire or force a trade no? If he sits out he would still be under Chargers control no?

[SDBORN]

0 state income tax doesn't help if your income is $0 due to retirement

You think rivers doesn't have other investments? Lmao

Whether he retires or not, he will have money coming in from more than just football sources.

[jubei]

If he doesn't sign I think he has to retire or force a trade no? If he sits out he would still be under Chargers control no?

or does it only apply to accruing a year towards free agency before your 1st 5-years is up? kinda like the mg deal this year?

[richpjr]

He will pay the taxes of the state he plays each game in so half of his games will be without taxes if he signs with a Florida team, but the other half will be in whatever state he plays in.

As a side note, all Charger players now get a game in Nevada instead of California, so they effectively get a small raise.

[ChargingBolts]

You think rivers doesn't have other investments? Lmao

Whether he retires or not, he will have money coming in from more than just football sources.

You only pay federal and state taxes if you have income coming in from cashing out. If he has investments he would have to liquidate them to pay taxes on them, if he lets them ride for 10 to 20 years he won't pay taxes on them until he cashes them out.

[SDBORN]

You only pay federal and state taxes if you have income coming in from cashing out. If he has investments he would have to liquidate them to pay taxes on them, if he lets them ride for 10 to 20 years he won't pay taxes on them until he cashes them out.

If you're talking fixed assets that don't yield passive income, or investments that don't yield dividends, you are correct.

However there are plenty of investments that yield dividends/passive income, that even if re-invested immediately in the same tax year, increase the tax burden for that same year. You are 1099'd on them and are required to pay estimated taxes on both federal and state levels for those.

You don't always have a choice of when to ''cash out'' with certain investments. I know this from experience.
You can pass some on to adult children and avoid tax on a federal level. This isn't the case with the state of California that taxes these gains at the full income tax rate.

[ghost]

If you're talking fixed assets that don't yield passive income, or investments that don't yield dividends, you are correct.

However there are plenty of investments that yield dividends/passive income, that even if re-invested immediately in the same tax year, increase the tax burden for that same year. You are 1099'd on them and are required to pay estimated taxes on both federal and state levels for those.

You don't always have a choice of when to ''cash out'' with certain investments. I know this from experience.
You can pass some on to adult children and avoid tax on a federal level. This isn't the case with the state of California that taxes these gains at the full income tax rate.

Correct on the 1099R aspect. I lease my farmland to wheat farmers near Wall, SD. I pay S.D. taxes on that in South Dakota, and I am a Los Angeles resident again. Origin of investment is key.

By the way, I keep my 1968 Mustang fastback and my Cougar Eliminator in South Dakota because 10 x 20 storage units for autos are $600 dollars a month in Los Angeles, and $60 dollars a month in South Dakota. Wild, huh?

[SDBORN]

Correct on the 1099R aspect. I lease my farmland to wheat farmers near Wall, SD. I pay S.D. taxes on that in South Dakota, and I am a Los Angeles resident again. Origin of investment is key.

By the way, I keep my 1968 Mustang fastback and my Cougar Eliminator in South Dakota because 10 x 20 storage units for autos are $600 dollars a month in Los Angeles, and $60 dollars a month in South Dakota. Wild, huh?

Totally wild, but at the same time, not unexpected at all. I don't blame people for leaving California in droves - you get financially hit at every oppurtunity. We are about to lose a congressional seat due to the drop in population from what I've read.

Really not much incentive financially to stay here, unelss your business dealings require you to be here to maintain them and prosper.

[jubei]

I for one am not too enamored living in CA anymore. I grew up in CA but realize all the shit we pay here! anyways OT...sorry.

[AK47]

Is the black van the Riversmobile equipped with TVs and film study equipment?

[jamrock]

Totally wild, but at the same time, not unexpected at all. I don't blame people for leaving California in droves - you get financially hit at every oppurtunity. We are about to lose a congressional seat due to the drop in population from what I've read.

Really not much incentive financially to stay here, unelss your business dealings require you to be here to maintain them and prosper.

Yeah, it’s an expensive state that became a lot more expensive thanks to the elimination of SALT deductions.