Madison MoneySports - Personal Finance Thread

[.RJ]

but I'd do $35k in 1 gram gold bars to physically have... any profit is tax free in the long run.

Is it though?

muh rights taxation is theft no step on gold snek gov cant tax private sales.... or something 

[Kaan]

but I'd do $35k in 1 gram gold bars to physically have... any profit is tax free in the long run.

Is it though?

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sell it for cash money on the private market... sure is tax free... like when you sell your car and don't claim it as income.

[Sijray21]

but I'd do $35k in 1 gram gold bars to physically have... any profit is tax free in the long run.

Is it though?

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sell it for cash money on the private market... sure is tax free... like when you sell your car and don't claim it as income.

Technically not reporting any profit, including gold sales, is illegal in the eyes of the IRS. Will you likely get away with it? Sure. If the buyer is enough of a sucker to pay full value for a private sale of gold then I'd sell it every time.

[Apoc]

Yeah, it's capital gains and any profit over the cost basis is supposed to be reported... but that doesn't mean people do it.

[Kaan]

but I'd do $35k in 1 gram gold bars to physically have... any profit is tax free in the long run.

Is it though?

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sell it for cash money on the private market... sure is tax free... like when you sell your car and don't claim it as income.

Technically not reporting any profit, including gold sales, is illegal in the eyes of the IRS. Will you likely get away with it? Sure. If the buyer is enough of a sucker to pay full value for a private sale of gold then I'd sell it every time.

I guess this includes my Mickey Mantle rookie card too....

If you find anyone selling gold under stop let me know. in the US market its always over spot.

[Senor_Taylor]

Yeah, most people don't report it, but let's not spread the idea that you don't need to pay capital gains taxes.

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[V1GiLaNtE]

This is a bit like asking the shoeshine boy, but I've been reading a few articles on the subject of individual investment strategy lately. I thought this might make for some interesting thread reading.

How would you invest $5,000/$35,000/$75,000 if you had it in cash right now?

5k: a nice dinner with fancy bottle of wine
35k: almost finish off "our" student loans
75k: finish off student loans, pay hospital for baby, AND nice fancy wine dinner!

A little surprising to hear that for 35k...i would have thought your loans would have already had most of the interest paid by now

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5k: Generator for my house OR drop it on my HSA account for when I'm retired and I don't want to spend retirement income on my doctors visits (5,600 is the annual max contribution, compound it over 23 years)

35k: I'm almost with RJ on this, a 911 might pay even bigger later... but I'd do $35k in 1 gram gold bars to physically have... any profit is tax free in the long run.

75k: With this lump sum, there are two ways to go with it... index funding it OR find your local craft brewery and buy in. they will actually need it now and if they manage it well, they will survive the bubble. There will be a bubble, not everyones liver can survive this life style AND there wont be many people with good livers to donate.... maybe you should invest in liver replacement research?

It seems like cider places might be the next wave to ride.  I have a buddy that's planning to open one in PA. I think he also bought an orchard too,  but could be mistaken on that part.

Meadery. That's where I think it'll go next. Cider is already played out in VA. Along with wine and beer.

[Apoc]

Meadery. That's where I think it'll go next. 

[.RJ]

dilly dilly

[JPolen01]

Yeah, most people don't report it, but let's not spread the idea that you don't need to pay capital gains taxes.

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Do you work for the IRS now Mr Grumpypants?

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Meadery. That's where I think it'll go next. Cider is already played out in VA. Along with wine and beer.

Mead is fuckin gross

[Senor_Taylor]

Yeah, most people don't report it, but let's not spread the idea that you don't need to pay capital gains taxes.

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Do you work for the IRS now Mr Grumpypants?

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Meadery. That's where I think it'll go next. Cider is already played out in VA. Along with wine and beer.

Mead is fuckin gross

Pay your taxes or I won't leave presents in your stocking this year. Bad boys and girls who don't report additional income over $500 to the IRS only get coal!

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[CaptainHenreh]

Meadery. That's where I think it'll go next. Cider is already played out in VA. Along with wine and beer.

Nope. Honey is way way way too fucking expensive and it's not getting any cheaper. People don't like it well enough to justify the necessary costs. 

Weed's where it's going. Get your money ready.

[Apoc]

What's the craft distillery scene on the east coast? We've had an explosion of them around here - I think there are now ~35 in Seattle city limits.

[JPolen01]

The craft distillers are popping up slowly here. They are all expensive and so far none seem to justify their prices. I understand their distribution is limited leading to higher prices. I don't see many people interested in them around the Baltimore area.

Rex is 100% right about weed. It's a yuuuge monopoly here whole it's medical only.

[Apoc]

I think it's gonna be tough to make any decent money in weed, unless you own a store. The alcohol and soda conglomerates are starting to see the writing on the wall and are industrializing as quickly as it becomes legal. This means many of the small producers are being priced out as they can't compete with the economics of large scale production. Beer has benefitted from consumers moving towards craft brands, but weed being legal is new enough that there isn't much appetite for boutique weed brands (yet). People just want it cheep and to get them high, so margins for small producers are incredibly thin.

There was a really good episode of Weediquette about it on Viceland, but I can't find it with a quick google.

Here's a related article: https://www.thetriminator.com/keeping-pa...-cannabis/

[.RJ]

What's the craft distillery scene on the east coast? We've had an explosion of them around here - I think there are now ~35 in Seattle city limits.

not many but growing.

Part of the issue is for me, that its mostly a marketing exercise - you can buy whatever distilled spirits you want in bulk ready to go and stick a label on it, its hard for me to pay 'craft' prices for that.

[WRXtranceformed]

I read an article where John Tapper (the Bar Rescue guy) was saying that legalized weed was killing the bar industry. People would rather get high than go sit at a bar and get drunk. I could definitely see The Syndicates taking that market over though.

[.RJ]

Maybe the bar industry shouldnt suck then.

[JPolen01]

Maybe the bar industry shouldnt suck then.

Agreed. About the only time I will go to a bar is a work happy hour or Sunday during football season. Otherwise, catch me at home with my reasonably priced alcohol shooting the shit with friends without having to yell at the top of my lungs.

[Sijray21]

You could say craft breweries are doing the same...