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Questions for the Brain trust... Realestate, taxes, legal BS, airspeed of an unladen swallow etc.

Crazyhippy

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The inmates always seem to come up with logical answers to some complex issues...

Wife and I have been kicking around the idea of escaping CA (but the weather's nice). We aren't quite ready to jump ship today, but 2-3yrs. That said, we feel this housing bubble isn't sustainable, and are seriously thinking of cashing out now.

She bought house 6 yrs ago for $550, Zillow/ Redfin are in the low $900's now. It has been our primary residence (covers the 2 in last 5 for capital gains concerns).

We got married in 2020 (hooray Covid Wedding) and haven't yet filed taxes. Do we need to file joint for 2020 to be covered for the 500k tax exemption (vs 250k as an individual), or can we file as we wish for 2020 and joint in 2021?

Concern with filing joint, is my Ex-Wife/ Baby Mama. She values money above all else and will pursue more child support if there is the smallest chance of getting it. Does filing jointly open us (wife and I) up to more child support?

Thoughts on Housing Bubble?
Taxes (yes, they are too damn high!)
Child Support BS?
Buy A Vowel?


Thanks,
Inmate #8675309
 

Tooms22

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That is a loaded question with more info likely needed.

I'm not sure there is anyone who will thoroughly answer that riddle for free.

It might be worth it to pay an expert for a full analysis.
 

ssc

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What state do you live in?

Cheers, Steve
 

Crazyhippy

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That is a loaded question with more info likely needed.

I'm not sure there is anyone who will thoroughly answer that riddle for free.

It might be worth it to pay an expert for a full analysis.
Not bad advise, and I'm not looking for some super in depth analysis.

But if you post up an engine question (especially after carnage), there will be half a dozen incredibly knowledgeable people (and dozens of peanut gallery) offering up their thoughts as to what happened/ how to prevent it from happening again.

And the RDP cumulative depth of knowledge has yet to be defeated...
 

Rajobigguy

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Not bad advise, and I'm not looking for some super in depth analysis.

But if you post up an engine question (especially after carnage), there will be half a dozen incredibly knowledgeable people (and dozens of peanut gallery) offering up their thoughts as to what happened/ how to prevent it from happening again.

And the RDP cumulative depth of knowledge has yet to be defeated...
So far as the sell of property goes, I am wrestling with very similar decisions to make. I will be talking to a financial advisor soon and will be happy to share any insights gained from the discussion.
I can't help with the speed of the Swallow but do know that the Peregrine Falcon is the fastest animal and can reach speeds in access of 220 mph while in a dive.
I can also name off all of the front four defensive lineman of the 1960's Rams known as the "Fearsome Foursome" if that has any benefit for you. 😁
 

Crazyhippy

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Seek advice from a CPA for tax advice.
CPA's should be a bit busy with taxes due next week.

So far as the sell of property goes, I am wrestling with very similar decisions to make. I will be talking to a financial advisor soon and will be happy to share any insights gained from the discussion.
I can't help with the speed of the Swallow but do know that the Peregrine Falcon is the fastest animal and can reach speeds in access of 220 mph while in a dive.
I can also name off all of the front four defensive lineman of the 1960's Rams known as the "Fearsome Foursome" if that has any benefit for you. 😁
Did they calibrate the Radar gun on that 220mph pass? Perhaps a GPS recall from 4 yrs ago?
 

ssc

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California. Ex wife, and child support are thru AZ courts
You will need to talk to a qualified family attorney in AZ regarding CS. Time to call your CPA as well.

Cheers, Steve
 

Javajoe

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Just you getting married your x became wealthier. Should be filing for more child support I would imagine pretty soon
 

Gonefishin5555

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Both spouses must pass the 2 year use test and only one needs to pass The 2 year ownership test and u get the 500k exclusion

Child support is based on monthly income and not a one time sale of an asset. You already did a property settlement? They can’t do it a second time on an asset acquired after the divorce. If you always fully disclosed everything on the financial papers filed with the courts during the divorce process you shouldn’t have to worry. I take Venmo and zelle.
 

lakemadness

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CPA's should be a bit busy with taxes due next week.



Did they calibrate the Radar gun on that 220mph pass? Perhaps a GPS recall from 4 yrs ago?

That’s all speculation and opinions. There’s not thousands of dollars in tax savings at stake. Up to you but I wouldn’t take free advice with large amounts of money at play- you get what you pay for.

Only advice that’s legit on this site is the towing advice regarding an f150.
 

boatdoc55

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So far as the sell of property goes, I am wrestling with very similar decisions to make. I will be talking to a financial advisor soon and will be happy to share any insights gained from the discussion.
I can't help with the speed of the Swallow but do know that the Peregrine Falcon is the fastest animal and can reach speeds in access of 220 mph while in a dive.
I can also name off all of the front four defensive lineman of the 1960's Rams known as the "Fearsome Foursome" if that has any benefit for you. 😁
Deacon Jones, (All time sack leader), Merlin Olsen(AKA Father Murphy), Lamar Lundy ( basketball all star), Rosey Grier ( Protestant Minister) 😁 Ya, I'm an old Ram fan!!!!!
 

LuauLounge

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I trust the wealth of knowledge here…..Until you move into Family Law, IRS or Medical.
You need an atty whose practice is family law in your state. There are some moves we make in life and they can become very costly.
 
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oldboatsrule

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It is my understanding that your current spouse cannot be held liable for your child support. It's your child ,only your earnings and moneys are susceptible. Bank all assets with the current wife and hope she thinks you are a keeper.
 

Crazyhippy

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It is my understanding that your current spouse cannot be held liable for your child support. It's your child ,only your earnings and moneys are susceptible. Bank all assets with the current wife and hope she thinks you are a keeper.
My understanding as well...
 

Crazyhippy

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I trust the wealth of knowledge here…..Until you move into Family Law, IRS or Medical.
You need an atty whose practice is family law in your state. There are some moves we make in life and they can become very costly.
Yes and no. If you come on here and mention that you tore the Lesfranc ligaments in your foot, I can share my experience in recovery, pain level, timelines, recommend an amazing doctor, etc. I'm not a Doctor, but have some semblance of knowledge with that minuscule portion of the body. I can probably explain the pain more effectively than the foot doctor, as I have experienced it personally. For the record, don't tear the Lesfranc ligaments in your foot, it fucking SUCKS!
 
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