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@jeffhughes1890 Күн бұрын
Your gonna have to dumb this a bit down for me. Im looking to sell my house 2025. How would i go about avoiding the capitall gain tax? Would i have to invest in new property or owned property but still owe or could i bypass alltogetger?
@beehappycoleman7159 3 күн бұрын
Why does a client need an advisor to administrate a charitable remainder trust If the assets within the charitable remainder trust are invested Into the S&P 500 or other tax efficient ETF where the client isn’t going to draw any money for 10 years? I understand the fee to set up the remainder trust and that sounds reasonable at one percent or a flat fee. But not ongoing management if client is parking money. As well, even if client is parking money, I could see flat fee where Client comes to see Advisor three times a year to review portfolio. Thanks for your thoughts.
@jamescrenshaw5097 5 күн бұрын
What would be the minimum gain amount where a charitable remainder trust would be considered worthwhile? I am not sure what all the costs are, but I have heard that the gain ought to be north of a million
@LearnWithValur 4 күн бұрын
Typically about $400K. Historically it's been $1m but we've dropped the upfront costs and administration significantly!
@RupertJuliana 6 күн бұрын
Great analysis, thank you! Could you help me with something unrelated: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?
@04breanna 16 күн бұрын
This was very educational and easy to understand from a non-finance background. Thank you!!!
@Tomtommy1501 19 күн бұрын
Great info. Please increase the volume on your video in final adit.
@Lavonwoods 20 күн бұрын
@valur The part I think you guys missed is the fact that those passive losses declared in a given year that are not used can be carried over into future years to use against future income. correct?
@ericchen1205 24 күн бұрын
In New York, capital gains are also taxed as ordinary income. New York does not provide a separate or preferential tax rate for capital gains, unlike the federal tax system. Both short-term and long-term capital gains are taxed at the same rates as ordinary income. I think the title is better to be written as "New York State Income Tax in 2024 Explained". Right?
@LearnWithValur 23 күн бұрын
It's a good call out @ericcheck1205. The reason we call out as NY Capital Gains versus just ordinary income is in our examples and solutions we includes federal numbers and solutions that only apply to capital gains taxes. We do also have a NY ordinary income video that includes federal ordinary income numbers and ordinary income solutions.
@ericchen1205 24 күн бұрын
Great video. Question - in the chapter you discussed "The tax arbitage is setting up a trust in low state income tax state". I thought that for n a grantor irrevocable trust like IDGT or SLAT, all trust income is attributed to the grantor for income tax purposes. This means the grantor pays federal and state income tax on the trust's income, regardless of where the trust is domiciled. For CA and NY residents, the state income tax liability is based on the grantor’s residency, not the trust's domicile. So even if the trust is established in a zero-income tax state (like South Dakota), the grantor remains responsible for reporting and paying state income tax on trust income while residing in CA or NY.... Am I missing something here? Do you mean the grantor has to physically move to South Dakota? Or you mean after the grantor dies and the trust becomes a non-grantor trust and finally being taxed based on the trust domicile? Thanks,
@LearnWithValur 23 күн бұрын
Critically a IDGT and in most cases a SLAT are not non-grantor trusts so what we are talking about here does not apply. Non-grantor trusts are a different type of trust vehicle that pays its own taxes instead of the grantor paying its taxes. Does that make sense?
@ericchen1205 24 күн бұрын
Great video - the best KZbin video on explaining IDGT. I would love to see you create a video comparing the pros and cons between creating an IDGT vs SLAT!! Thanks,
@natylopes2367 Ай бұрын
Thanks for taking the time to share your knowledge
@LearnWithValur Ай бұрын
Glad it was helpful!
@Luau_1957 Ай бұрын
$350,000 income @6.75% Montana tax is only $23,625 in State Tax not $223,000 ?
@LCMSU Ай бұрын
K
@WildcatJW Ай бұрын
This video great!
@MarilynBrown-c7q 2 ай бұрын
Is KY tax rate 4.5% or 4% for 2024
@swankyshivy 2 ай бұрын
some slides would have been helpful. good content
@fuglygooogly 2 ай бұрын
Awesome presentation
@Jack48433 2 ай бұрын
Great explanation. I know Valur wouldn't do this but if a trustee kept the trust funds in an index ETF and never traded, I was wondering about the unrealized capital gains. Would the beneficiaries be stuck with the cg tax when the grantor dies?
@LearnWithValur 2 ай бұрын
The trust would be stuck with the tax bill not the beneficiaries directly! When the grantor dies, the trust becomes a non-grantor and would be paying its own taxes
@Jack48433 2 ай бұрын
@@LearnWithValur OK, Thanks. Trying to not realize gains in taxable account is a long term habit.
@fuglygooogly 2 ай бұрын
Jeff/ Guido / David. could you tell me what happens if you lose money int the CRUT, say you invest the money and it loses value over time and the value of the CRUT shrinks or gets wiped out, what happens then? Will the IRS fine you, because you have no money to give to charity. For example lets say you buy a crypto meme coin using all the money in the CRUT and the meme coin loses 99% of it's value (very common in the crypto space), what happens then? Will you have to pay back the 10% income tax deduction you initially received when you setup the trust and is their any penalty like "clawback" because there's no money left in the trust to give to charity ?
@LearnWithValur 2 ай бұрын
A CRUT's distributions are based on a percentage of the trust's net asset value, so if the trust's assets were to decline substantially in value, you'd bear most of the cost in the form of lower annual distributions. The charitable remainder beneficiary would also get a smaller distribution when the term ended. It's unlikely there would be any tax issues as a result. However, while we don't provide any investment advice, it goes without saying that it's not a good idea to put 100% of a CRUT's assets into a meme coin. The bigger issue here is not tax penalties but rather state law issues. For example, in some states the state attorney general could argue that a trustee who invests 100% of a CRUT's assets in a meme coin that tanks has violated the trustee's fiduciary duty to act in the beneficiaries' best interests.
@fuglygooogly 19 күн бұрын
@@LearnWithValur Jeff/ Guido / David, thank you for your reply. I'm not ready yet but I will come to you guys if my assets ever appreciate significantly. I have one more question please, if my goal were to buy a house as a primary residence, could I set up the CRUT, transfer my assets to the CRUT, sell the assets tax free, buy a house with the sale proceeds and live in the house as the trustee. Is this permitted?
@LearnWithValur 18 күн бұрын
@@fuglygooogly Unfortunately not, you can't use. the trust assets for personal use with a Charitable Remainder Trust because there is also a charitable beneficiary. The assets in the trust have to be used for all the beneficiaries best interests which would be generating income.asset appreciation for the trust.
@fuglygooogly 4 күн бұрын
@@LearnWithValur do you know of or offer another capital gains tax savings strategy where it's possible to buy a house with the sale of crypto tax free and reside in the house as a beneficiary or trustee?
@thegefster1988 2 ай бұрын
Hi thank you for doing this but to me I am having trouble understanding this. Online it says both capital gains whether short or long term in CA state is taxed as income. Would you not just add you gains to your income to get the amount? Or, is your income earned from a job taxed seperately then your long term capital gains also taxed seperately both with the same brackets used depending on where you fall? An example with a chart would be very helpful in the example you gave.
@ericchen1205 24 күн бұрын
In California, capital gains are taxed as ordinary income and subject to the same state income tax brackets as other forms of income. California does not have a separate or preferential tax rate for capital gains, unlike federal taxation, where long-term capital gains benefit from lower rates. The title of the video is, a bit, misleading.
@scoaste 2 ай бұрын
How do you ensure the CRUT is not flagged by the IRS as a listed transaction?
@petertucci3413 2 ай бұрын
Generally CRUTs aren't listed transactions. In the late 1990s, there was a trend of people creating CRTs for very short terms (like 2 years) and then borrowing to pay the annuity or unitrust payments. But people stopped doing this 25 years ago after it was flagged by the IRS. Normal CRUTs are not listed transactions and, in fact, are specifically sanctioned by statute and regulation.
@scoaste 2 ай бұрын
How closely can the income match a safe withdrawal strategy that is adjusted for inflation?
@petertucci3413 2 ай бұрын
Pretty closely. Typically safe withdrawal rates are around 4%. Generally CRUT withdrawal rates have to be at least 5% per year, so the withdrawals will be on the high end relative to most safe withdrawal strategies. But you're not obligated to spend the money you withdraw; you can always withdraw 5% and spend 4% or whatever makes sense for you. There's also a type of CRUT called a NIMCRUT, which is a bit too complicated to explain in a KZbin comment, but using a NIMCRUT can allow you to go below 5% in some years.
@scoaste 2 ай бұрын
I saw elsewhere that the tax deduction is restricted to some percentage of your AGI based on the asset transferred. Can you confirm and if so provide details?
@petertucci3413 2 ай бұрын
Yes. It's not really specific to CRUTs; there are AGI limitations on all charitable deductions. Depends a bit on the circumstances, but typically the deduction will be capped at 30% of AGI, though you can carry forward the deduction for up to five additional years. Since the deduction is usually equal to 10% of the FMV of the asset at the time of contribution, in practice the AGI caps are rarely an issue for people who contribute to CRUTs.
@scoaste 2 ай бұрын
Is the tax deduction based on the value of the asset at the time of transfer or the time of sale (i.e. if the asset's valuation is volatile)?
@petertucci3413 2 ай бұрын
Hi, it's Peter from Valur. Good question. The deduction is based on the value of the asset at the time of transfer. Typically, the tax deduction is equal to 10% of the fair market value of the asset at the time of contribution.
@abrahammassaquoi1726 2 ай бұрын
How can I setup a payment plan for Minnesota revenue department?
@SchmittycocoPop 2 ай бұрын
Well done. Thx for educating.
@LearnWithValur 2 ай бұрын
Appreciate hearing that!
@kimberlylopez2677 3 ай бұрын
I enjoyed your video! i think some visuals such as text or images would help a lot :)
@STLT 3 ай бұрын
2024 would be even better IF they pass a new tax bill during 2025 that will be retroactive to Jan 1 2025. The exclusion could be dropped dramatically for all of 2025 if Harris gets a new tax bill thru with a much lower exclusion which is very possible. Act before year end 2024 just in case.
@MRkriegs 3 ай бұрын
So Iowa has no tax on capital gains or qualified dividends? That is awesome because that is my investment strategy. Thanks
@fuglygooogly 3 ай бұрын
Awesome video
@fuglygooogly 3 ай бұрын
Guys how much do you charge to setup a CRUT and how much does it cost annually to maintain the CRUT
@manimahadevan597 3 ай бұрын
We don't charge anything to set it up and its typically $5k/year for everything from the accounting, administration, 1:1 support and tax filing.
@fuglygooogly 3 ай бұрын
@@manimahadevan597 Thank you for your reply. Can I also ask in case as the trustee we invest the money in the CRUT and the value of the holdings substantially depreciate, is there any claw back from the IRS?
@LearnWithValur 3 ай бұрын
There would be no clawback of the deduction, that's just based on the value of the assets you contribute and deduction %!
@fuglygooogly 3 ай бұрын
@@LearnWithValur Thank you again for your reply. So once I'm ready how long does it take to setup
@LearnWithValur 3 ай бұрын
We set it up same day! Typically transferring the assets is what takes the longest
@Patricia-v7z 3 ай бұрын
What if parents sold their $200,000. home to adult son for $1.00? How does the Capital Gains Tax factor into this situation? Who will be responsible for paying any taxes and how much will the taxes be? The parents (owners) are still living.
@fuglygooogly 3 ай бұрын
what about a deferred sales trust for capital gains? Would this be an effective tax saving strategy?
@LearnWithValur 3 ай бұрын
Here's an overview of Deferred Sales Trusts! kzbin.info/www/bejne/iGnWhnWQiZymn5I
@jasonhilliker-r5b 3 ай бұрын
What if you do an exchange fund and then move from Oregon to say someplace like Texas and gain residency in Texas. Then once you can file in Texas could you sell a portion (portion per year to stay in the federal 0%% tax bracket) of your exchange funds with out having to pay a state capital gains tax.
@JasonEscamilla 3 ай бұрын
Good stuff, gents!
@caridadramos 3 ай бұрын
How much do entrepreneurs get taxed in mass 36% ?
@JosephRoberts-n3y 4 ай бұрын
Thank you for sharing such helpful Video. I would really appreciate if you could advise me how to maintain the payroll towards Tax Return that is paid to a non us Resident. Basically a Foreign Freelancer who works for my LLC from abroad and i pay him monthly. Please advise me how should i show this as my expense.
@MoneyMovesFirstWithDiegoAndres 4 ай бұрын
it would be nice to have more explanation on the trust and how it would work. Do you have more videos on that?
@LearnWithValur 4 ай бұрын
Hi Diego! Thanks for the feedback! here you can find a more detailed explanation on Charitable Remainder Trusts and other strategies to reduce capital gains taxes: kzbin.info/www/bejne/jqW4namIpaZ7qs0. Hope it helps!
@Johnthegreat15 4 ай бұрын
Nice video
@jinp2008 4 ай бұрын
I just wanted to hear I'm excluded altogether with an estate in Maryland well under $5 million - I suppose this would exclude many in the masses. Probably a good statement to make upfront in the video.
@filippoorlandelli7937 4 ай бұрын
voice is low..
@DavidAmodeo-wm1ht 4 ай бұрын
I’m 14 and want to start an online business in New Hampshire. Can you make a video helping me out so I know everything I need to not get into any legal trouble.
@nevermind3965 Ай бұрын
Don't worry kid, you can be convicted of at least 34 felonies and still go on to become President of the United States. Just kidding, good luck with business.Hope you do well.
@CarlosRamirez-vo1jt 5 ай бұрын
I was just reading that on google - the same thing -
@MM-xj9qk 5 ай бұрын
Useful information. Well explained.
@LearnWithValur 2 ай бұрын
Appreciate hearing that!
@TrueNovice 5 ай бұрын
Who is this for? You need to be a millionaire?
@flyinghigh2646 5 ай бұрын
yeah multimillionaire
@manjushetty2029 5 ай бұрын
First here!! Haha
@LearnWithValur 5 ай бұрын
Yes you are!
@CreatorsExpress 5 ай бұрын
Kinda like how In real estate, you put the money into another house after selling the current. But here you donate some profit. I’m going to watch a few more times to make sure I understand 😂
@Larry-xf3qt 6 ай бұрын
The working man getting screwed once again
@CarlosPerez-mp8qq 6 ай бұрын
Excellent!!
@nicholaslennox8066 6 ай бұрын
Hello, I find your channel very useful, if I may provide one bit of constructive criticism. I would recommend creating an album of videos for each state so each video for that state is accessible in the same place.