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So, will the current tax revision hose job influence your coin buying and selling in the New Year??

LakesammmanLakesammman Posts: 17,282 ✭✭✭✭✭

Lots of ramifications in the new tax bill, many yet to be determined.

How will it affect your coin activities in 2018?

"My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko.
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Comments

  • GluggoGluggo Posts: 3,566 ✭✭✭✭✭

    Wont affect mine I am taking my coin collection to ANWR and gonna make big bucks!

  • GluggoGluggo Posts: 3,566 ✭✭✭✭✭

    @Hydrant said:
    MERRY CHRISTMAS!

    :o:o:o:o:o

  • LakesammmanLakesammman Posts: 17,282 ✭✭✭✭✭

    Merry Christmas to you as well!

    For me, it's the fear of the unknown. I'll be losing many deductions so until it all shakes out, I'll be more conservative in my bidding at FUN, for example.

    Will be less likely to draw temporarily on the LOC for stretch purchases - unsure how investment interest write-offs will be handled.

    Not sure if it will affect the coin market significantly or not - we will see.

    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko.
  • jmlanzafjmlanzaf Posts: 31,614 ✭✭✭✭✭

    No effect on my finances - and I'm in a New York. If anything, my taxes will go down because I can barely itemize as it is and the exemption is going up.

  • 1Mike11Mike1 Posts: 4,414 ✭✭✭✭✭

    What the feds "give you" the states will take. No getting around it. Just another three card Monte for the next generation. Oops you lost oh well better luck next time.

    "May the silver waves that bear you heavenward be filled with love’s whisperings"

    "A dog breaks your heart only one time and that is when they pass on". Unknown
  • FunwithMPLFunwithMPL Posts: 328 ✭✭✭

    Merry Christmas

    Collector
  • MaineJimMaineJim Posts: 739 ✭✭✭✭✭

    Depends on how much my family coverage for health insurance goes up. I'm hoping I can at least break even on this rush job.

  • TreashuntTreashunt Posts: 6,747 ✭✭✭✭✭

    @Cameonut said:
    Merry Christmas!

    In the meantime, I will enjoy keeping more of MY money. .

    good luck, have you read the tax bill?

    Frank

    BHNC #203

  • KkathylKkathyl Posts: 3,762 ✭✭✭✭✭

    I would like to see flat or fair tax but we always need to move to goal posts in right direction. No tax policy will have no influence on my collection plans. Merry Christmas.

    Best place to buy !
    Bronze Associate member

  • CommemDudeCommemDude Posts: 2,192 ✭✭✭✭✭

    I'd look for an ETF that bets against real estate in California or NY.... most high earners I know pay 20-80K in real estate tax here on one or two homes , plus 7-9 % state income tax, and they are going to take a beating when the deduction is capped at 10K.

    Dr Mikey
    Commems and Early Type
  • REALGATORREALGATOR Posts: 2,581 ✭✭✭✭✭

    Buying more. 'mo money->'mo inflation

  • shorecollshorecoll Posts: 5,445 ✭✭✭✭✭

    I am right in the middle class where I already get hosed on every existing "break". I make too much to have gotten college aid for my kids, yada, yada, so, if I read it right, this will be the first tax cut I have ever gotten, just as I'm losing my youngest child as a deduction. If I just break even on that, I will be dancing in my CPAs office. If that happens, I will have more to spend in 2018, and I would have had much less. I know there are some CPAs on here, but how anyone else has a clue what's in that bill is beyond me.

    ANA-LM, NBS, EAC
  • OnWithTheHuntOnWithTheHunt Posts: 1,172 ✭✭✭✭✭

    More than a few kool-aid drinkers here.

    Proud recipient of the coveted "You Suck Award" (9/3/10).
  • ColonelJessupColonelJessup Posts: 6,442 ✭✭✭✭✭

    To 90% here, I'd be tagged as a lib. I see myself as a plutocratic oligarch with a guilty conscience. :#
    How ironic that I'm going to do great and you're gonna get some RITA.
    Warren Buffett's secretary too.

    "People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf." - Geo. Orwell
  • jonrunsjonruns Posts: 1,196 ✭✭✭✭✭

    I play with coins to relax and get away from life's stresses for a while...that won't change...

    Happy Holidays!!!

    • Jon
  • jmlanzafjmlanzaf Posts: 31,614 ✭✭✭✭✭

    @CommemDude said:
    I'd look for an ETF that bets against real estate in California or NY.... most high earners I know pay 20-80K in real estate tax here on one or two homes , plus 7-9 % state income tax, and they are going to take a beating when the deduction is capped at 10K.

    And the high earners have sufficient disposable income to adjust their luxury good spending to compensate.

  • jesbrokenjesbroken Posts: 9,152 ✭✭✭✭✭

    I doubt if a very few if any have read the new tax bill unless in their job description and even then a small percentage.
    429 pages. NYT placed a copy online(if it is accurate). So read up.

    https://www.nytimes.com/interactive/2017/11/02/us/politics/document-Read-the-G-O-P-Tax-Bill.html


    When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln

    Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
  • 2ndCharter2ndCharter Posts: 1,640 ✭✭✭✭✭

    I dug out my last two years' tax returns and ran the numbers through the new tax bill and it's pretty much a wash for me - maybe a few hundred bucks to the good but not much. Now that I've reached Medicare age, the Obamacare repeal means nothing to me. The slightly reduced tax rates cover the loss of the personal deductions so, as I said, it's pretty much a break-even so no change in buying habits.

    Member ANA, SPMC, SCNA, FUN, CONECA

  • JimnightJimnight Posts: 10,765 ✭✭✭✭✭
    edited December 20, 2017 8:26AM

    .

  • 92vette92vette Posts: 528 ✭✭✭

    The new tax plan is good for everyone who's not in the top tax bracket who sells PM's for capital gains.

  • DrBusterDrBuster Posts: 5,301 ✭✭✭✭✭
    edited December 20, 2017 7:37AM

    DINKs here, always have to itemize over the standard deductions to not owe despite claiming zero dependents, which is mind blowingly stupid to me. If the standard doubles we might be better off. Will see what the old turbo-tax says next year.

    Extra $ might get funneled into PMs.

  • originalisbestoriginalisbest Posts: 5,911 ✭✭✭✭

    Even though I'm in Illinois, I'm far from a high earner. The new taxes seem to calculate out to the better for me personally by thousands. YMMV.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,794 ✭✭✭✭✭

    Forgive me. Could have merely answered: “No” (and I love all our presidents.)

  • dpooledpoole Posts: 5,940 ✭✭✭✭✭

    Like the health bill, we’re likely not to know how the tax bill will work out for us until we run our data thru it at tax time.

  • mustangmanbobmustangmanbob Posts: 1,890 ✭✭✭✭✭

    I am in Texas, my property taxes are about 7K, no state income tax, sales tax is about 3K and charity comes out around $13K a year, 1 kid in college. Running the rough numbers through an on line calculator, I come out about $2200 better, more money in the pocket.

    What I am doing is lump summing 2018 property taxes and charitable cash donations into 2017, and just going for the standard deduction next near.

    I have lifetime medical coverage from the company I retired from, and the rate drops once I hit 65 (medicare primary) but it still is very good insurance, so no impact from O'care.

    I also run a business for fun out of my home, and the small business deduction will help.

    Bottom Line, a win for me.

  • oih82w8oih82w8 Posts: 11,867 ✭✭✭✭✭
    edited December 20, 2017 9:26AM

    I don't think that it will change my coin buying habit.

    I will continue to look for an upgrade on this A&R Seated Half Dollar

    oih82w8 = Oh I Hate To Wait _defectus patientia_aka...Dr. Defecto - Curator of RMO's

    BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug...
  • spacehaydukespacehayduke Posts: 5,441 ✭✭✭✭✭

    @Cameonut said:
    Merry Christmas!

    Those who live in high SALT states ought to look at how other states get the job done without extracting so much money from the residents. IMHO high SALT states are unsustainable and are in denial.

    In the meantime, I will enjoy keeping more of MY money. If others can do the same, perhaps I will sell more of my collection this coming year to those with more disposable income.

    I live in a low SALT state, Tejas, the tax deficiency by not having income tax is made up for in high sales tax and property tax..... The biggest issue with this tax plan is that it puts more federal debt on the board for the next generations to do something about........ I think this perception that we good citizens are getting a tax break will last a few months, then reality sinks in, and the coin market will continue to go downstream.

    Best, SH


    Successful transactions with-Boosibri,lkeigwin,TomB,Broadstruck,coinsarefun,Type2,jom,ProfLiz, UltraHighRelief,Barndog,EXOJUNKIE,ldhair,fivecents,paesan,Crusty...

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