So...Recession?

[lunkerslayer]

The guys that bought in 2019-2020 are loving life. They hit the buying market just right.

Yep that's when I bought my house

 

[Allen]

No such thing as inheritance taxes --- estate taxes do exist

And Streinbrenner didnt hit the ball to the outfield for a home run ------ his kids took over his assets with no step up in basis. You never want to see no estate tax law with no step up. Believe me it would be a nightmare. Rush and everyone else didnt understand what really happened.

You are right, the correct term would be estate taxes. As far as the Steinbrenners not getting a step up in basis, are you sure of that? They did inherit it at the 2010 value, and while no estate taxes were applied, they should have gotten the step up in cost basis. Besides, does that matter if you never plan on it being sold? Perhaps they never plan on letting the Yankees (and other large assets) go on the open market. Another way to handle cost basis is to form a family oriented corporation or partnership where the charter states one must be a blood Steinbrenner to be a partner/stoick holder. There are ways to deal with the minimizing the cost basis, especially in family owned businesses.

 

[Captain Ahab]

You are right, the correct term would be estate taxes. As far as the Steinbrenners not getting a step up in basis, are you sure of that? They did inherit it at the 2010 value, and while no estate taxes were applied, they should have gotten the step up in cost basis. Besides, does that matter if you never plan on it being sold? Perhaps they never plan on letting the Yankees (and other large assets) go on the open market. Another way to handle cost basis is to form a family oriented corporation or partnership where the charter states one must be a blood Steinbrenner to be a partner/stoick holder. There are ways to deal with the minimizing the cost basis, especially in family owned businesses.

The way I understand it is if Steinbrenner died with the asset in his name, the heirs would have got a step-up. If he gifted it to an Irrevocable trust before he died he gifted the cost basis as well.

 

[Bobkat]

I am always amazed at how much we care about someone else's income.

I have enough to worry about when it comes to my own income. Maybe, just maybe, some of us have too much time on our hands?

0

 

[shorthairsrus]

You are right, the correct term would be estate taxes. As far as the Steinbrenners not getting a step up in basis, are you sure of that? They did inherit it at the 2010 value, and while no estate taxes were applied, they should have gotten the step up in cost basis. Besides, does that matter if you never plan on it being sold? Perhaps they never plan on letting the Yankees (and other large assets) go on the open market. Another way to handle cost basis is to form a family oriented corporation or partnership where the charter states one must be a blood Steinbrenner to be a partner/stoick holder. There are ways to deal with the minimizing the cost basis, especially in family owned businesses.

Congress actually went back in and gave an option to the 2010 deaths --- they could opt to pay estate tax/step ups would apply ---- or opt to no estate tax and no step ups. TG for for the ordinary estate they were able to get a step up and they were not paying estate taxes regardless.

The never plan on being sold thats not real life --- you can never say never.

As far as minimizing cost basis --- we never want to minimize we want to maximize so we dont have taxable gains. Step ups are needed believe me. People cant keep track of what they paid a hunting land 2 years ago let alone "i inherited it from 5 family members ago going back to the 30s" Can you imagine. ugh

 

[Allen]

Congress actually went back in and gave an option to the 2010 deaths --- they could opt to pay estate tax/step ups would apply ---- or opt to no estate tax and no step ups. TG for for the ordinary estate they were able to get a step up and they were not paying estate taxes regardless.

The never plan on being sold thats not real life --- you can never say never.

As far as minimizing cost basis --- we never want to minimize we want to maximize so we dont have taxable gains. Step ups are needed believe me. People cant keep track of what they paid a hunting land 2 years ago let alone "i inherited it from 5 family members ago going back to the 30s" Can you imagine. ugh

Indeed, it is a huge pain in the arse.

 

[fj40]

If I do this right, the check my widow writes to the funeral home should bounce.

 

[eyexer]

If we continue down the path we’re headed it’ll be a hard recession bordering on depression in the end. In all honesty we’ve been on a recession for a while

 

[NDbowman]

Maybe a depression is what we all need. Lose everything like the people did in the 30s. It'll bring us all back to reality and what is really important. Not money and material things.

 

[db-2]

Got old so no way to start over so not interested in reality a happening.
Heard a few stories in the past from folks and grandparents. Maybe not so bad as they had less to begin with. Wife found a letter of all the shows folks went to in 35-36 and 1937. Every 7 days (Saturday). A few stated they were free.

But i feel we already had our tuff times that were maybe not so bad as we are here today with great memories of the past.
I just do not feel the two of us need a depression to understand the important things in life. db

Not sure what they had for vehicles back then, but folks were in their twenties and one town was 8 miles and the other over 20 miles.

 

[MarbleEyez]

$135K recreational boat on a 20yr note at 8%, who wouldn't want one!

$1,130/Month payment for 240 months. Principal paid is $135K & Interest paid is $136,200.

Really wise purchases!

It already seems like the boat market is starting to soften a bit.

 

[Wall-eyes]

That is how most everybody I know with all the new trucks, campers and boats make it they never own it just keep trading all the time. I just can't

 

[eyexer]

Recreational purchases will soon collapse. Manufacturers will follow with lay offs. And the cycle begins.

 

[FightingSioux]

Property taxes are essential for you to walk the earth and breathe the air. If you don't believe me, just ask our liberal politicians.

You mean republican politicians, ND is ran by then and the proper Taxes are more out of control than ever. If you want to see how it should done move to WY , true conservatives.

 

[FightingSioux]

Who are these people that keep buying $600K houses and, $75K trucks and $100K boats.

Incredible.

I would take just one of those! But not paying that much for luxury!

 

[lunkerslayer]

You mean republican politicians, ND is ran by then and the proper Taxes are more out of control than ever. If you want to see how it should done move to WY , true conservatives.

Heck I read an article about Wyoming, which by the way has one of the biggest untapped oil deposits in the nation, has Elementary School kids learn to shoot in school. I will see if I can find it again, I wanted to move to Wyoming but didn't get the job I wanted. Love the openess of the state and it has reasonable climate compared to the weather of North Dakota.
https://www.idahostatesman.com/news/nation-world/national/article258174698.html

 

[woodduck30]

You mean republican politicians, ND is ran by then and the proper Taxes are more out of control than ever. If you want to see how it should done move to WY , true conservatives.

You can call them Republican if you want. I will never call them conservative. They hide behind the R and prove over and over how liberal they really are.

 

[FightingSioux]

Heck I read an article about Wyoming, which by the way has one of the biggest untapped oil deposits in the nation, has Elementary School kids learn to shoot in school. I will see if I can find it again, I wanted to move to Wyoming but didn't get the job I wanted. Love the openess of the state and it has reasonable climate compared to the weather of North Dakota.
https://www.idahostatesman.com/news/nation-world/national/article258174698.html

No income tax, cheaper property tax, housing is now probably a little more expensive to the same price. The state spends less and therefore less taxes needed.Better big game hunting and still good walleye fishing. ND could learn a thing or two!

 

[FightingSioux]

$135K recreational boat on a 20yr note at 8%, who wouldn't want one!

$1,130/Month payment for 240 months. Principal paid is $135K & Interest paid is $136,200.

Really wise purchases!

It already seems like the boat market is starting to soften a bit.

8% interest is unreal for something that is a want and not a need. And you are stuck with it for years until you have it paid down to what you owe. I was skeptical at 3% interest and 20% cheaper prices!

 

[FightingSioux]

You can call them Republican if you want. I will never call them conservative. They hide behind the R and prove over and over how liberal they really are.

No such thing as a conservative in ND……,