Originally posted by SDBORN
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Rivers Family Packed Up And Left California.
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Originally posted by ChargingBolts View Post
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?
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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.
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Originally posted by SDBORN View Post
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.
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Originally posted by ChargingBolts View Post
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.
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.Last edited by SDBORN; 01-17-2020, 11:59 PM.
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Originally posted by SDBORN View Post
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.
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?
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Originally posted by ghost View Post
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?
Really not much incentive financially to stay here, unelss your business dealings require you to be here to maintain them and prosper.
Last edited by SDBORN; 01-18-2020, 03:13 PM.
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Originally posted by SDBORN View Post
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.
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