ERICOPOLY

How do you do that in practice? Tax assessed value? My parents' home is assessed at about 5% of market value. Or do you have to order an appraisal every 12 months?

Need long life appreciating assets that depreciate on paper.

Another question is... What if you make a real estate investment in a Roth IRA? Do you mark the valuation at the price you paid and then reduce its value each year as you depreciation it?

So with regards to the rules on withdrawing 100% above the $20m IRA limit or 50% above the $10m IRA limit. What's up with caveat that says this only applies to "high income" people? Those with $400k income for single filers or $450k income for married. 1. People can just get divorced so that their combined can be up to $800k, or just never get married 2. Doesn't this encourage earlier retirement for those with big IRAs, or encourage their companies to pay fewer dividends, etc... In other words, won't they pay even less tax than they do now?

So people who want to withdraw their entire Traditional IRA accounts free of income tax can invest today in startups. Then by 2023 remove those shares at a $0 valuation. Then hold the shares in their taxable accounts and one day pay capital gains taxes which are lower tax rates than the income tax rates levied on Traditional IRA accounts.

Four years ago now, Dhandho said they were winding it up and investors could either exit at book value and stick around for the liquidation and hold only the GP interest in the end. So it would be interesting if that were to occur by the end of 2023 and if I could then withdraw Dhandho from my Roth IRA at a $0 value.

Here's the thing... Dhandho for years now (insiders at Dhandho) has been buying back its shares at book value. That values the GP at $0. That's my only valuation input. I just tell the IRS that the GP is worth $0?

Peter Thiel won't have to give up his Roth IRA anyhow according to the reporting that I've been reading. The $20 million limit only applies if you have over $400k of income, or over $450k of income for married couples. So if he simply needs to quit his job and dispose of any income-paying investments outside of his Roth IRA. Or generate enough losses to avoid any reporting of income.

Currently the penalty for the crime of self-dealing is losing IRA status. So full tax on entire Roth IRA is due.

I hold my Dhandho shares in my Roth IRA. I have already paid the tax on them when I did my IRA to Roth IRA conversion over 10 years ago. Now, if I take an in-kind distribution I owe a double tax. And likely a 10% early withdrawal penalty since I'm 48. Here's a logical idea: taxes and penalties for early withdrawal from Roth IRA should ONLY be levied on accounts that are not yet large enough to support a retirement. If you are age 48 (like me), and already have enough in the Roth IRA, why am I being discouraged from drawing it down? They want me to keep growing it until I'm 59 1/2 at which time all withdrawals will be tax-free. That's nonsensical. Suppose it's worth $5m and I can live on that comfortably: what's the point of strongly encouraging me (with tax penalties) to continue to grow it untouched until 59 1/2 when they bitch about that very thing at the same time?

So... they are disallowing any investment that requires "accredited" investor status: The bill prohibits an IRA from holding any security if the issuer of the security requires the IRA owner to have certain minimum level of assets or income, or have completed a minimum level of education or obtained a specific license or credential, Slott said. “For example, the legislation prohibits IRAs from holding investments which are offered to accredited investors because those investments are securities that have not been registered under federal securities laws. IRAs holding such investments would lose their IRA status. https://www.thinkadvisor.com/2021/09/13/ed-slott-weighs-in-on-house-democrats-proposed-mega-ira-crackdown/ So I take it Dhandho Holdings shares must be taken out of the IRA because Dhandho was offered only to accredited investors.. One thing that I've read is that such a holding can be removed "in kind" from the Roth IRA before the Dec 2023 deadline. Did they think about this? How can I establish a value for the "in kind" distribution for tax purposes when I report tax on the early distribution? And won't they accuse me of "self dealing" if I hand waive a value, or claim "book value" or something?

One point is that it isn't "tax free" -- it is "already taxed".

Oh right... yah, forgot. They need to spend more on their social programs than they can afford so they need the wealthy to buy their bonds.

Why don't they get outraged about billionaires having no limit to how many tax-exempt bonds they can purchase?

I bet if they waived the same 10% early withdrawal penalty ONLY for individuals with retirement account totals exceeding $3m it would elicit outrage. And of course those same people get outraged that these accounts exceed what they deem necessary for retirement... And that penalty is only there to be a disincentive to spend retirement savings early to ensure there is enough late in life... c'mon.

They impose a 10% early withdrawal penalty no matter how big your account is BECAUSE they want you to keep growing it before you hit retirement age... meanwhile they complain your account is too big. LOL. Dumbasses.

The $15 minimum wage mandate is going to be a joke.

After five years of little turnover, the restaurant lost several employees in the past couple of months to larger operations, including luxury hotel restaurants that could pay kitchen staff $37 per hour, https://calmatters.org/economy/2021/08/labor-shortage-hiring-incentives-yoga-therapy-401k/

You got states like Utah and South Dakota, where unemployment is below 3%. And then you have states like Nevada, heavily dependent on tourism, where unemployment's pushing 8%. https://www.npr.org/2021/09/06/1034631849/what-the-end-of-unemployment-aid-means-for-the-job-market-and-economy

On that note, which firm is going to have a blowout quarter from this?

It's all fees fees fees for the financial services industry as families scramble for advice every time outrageous minimums are threatened by the Dems.

The taxes are paid by the smaller sum families that lack sophisticated planning. That's why I prefer a $50m or $100m floor. I hate the culture that estate taxes create: families are motivated to gift $30k to each of their kids every year or whatever the tax-free gift limit is. How about instead of incentivizing annual gifting, make the estate free of tax so long as you don't give them a dime while you live? They really know how to generate trust-fund babies.

The farmers are no better than anyone else. They can get a mortgage, can't they? Such baloney. The issue I have is when people talk like $1m is some huge massive sum. Give me a break. Assess the tax on estates north of $50m or $100m.

New position in SNC. Added to AIV and PLBY.

I bought 200 contracts of $5 strike March this morning. New position. What strike/duration do you hold?