Spacep0d
Active Member
I know someone like this. Is anti-Tesla and TSLA because he has some minor grievances with Elon's perceived political views and some of his past behavior. Not wise.
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Tesla, TSLA & the Investment World: the Perpetual Investors' Roundtable
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- elon is an ass
I know someone like this. Is anti-Tesla and TSLA because he has some minor grievances with Elon's perceived political views and some of his past behavior. Not wise.
Marc_K_inNJ
Member
Spacep0d
Active Member
Thanks for the input! I too have some PTSD from 2008 relating to job loss *shudder*. I don't think I'm at-risk of that anytime soon though. I do think the interest on the loan would be so much less than the growth of another 50k into TSLA. I'm sure the logic is obvious. Would love more feedback. PMs are okay too if we're worried about derailing the thread too much.
Elon has sold shares before to pay taxes and said he may have to do the same thing every few years. “Musk is referring to his sale of 2,782,670 shares of Tesla in 2016, which at the time was worth close to $600 million, to pay taxes and donate to charity.”
California is smarter than that. It can take 18 months before California lets you avoid paying state income tax just because you claimed you moved out of state.
California Non-Resident Tax: Leaving the Franchise Tax Board Behind | Moskowitz LLP | A Tax Law Firm
California non-resident tax: If you are leaving California, it is important to plan your move carefully so you aren't still considered a resident.
moskowitzllp.com
Q: How long will the state presume that I am still a resident after I leave?
A: You are generally presumed to be a California resident for a period of 18 months after you leave the state.
I too think this is a bad idea, and I think TSLA is going to $10k+ eventually.
bkp_duke
Well-Known Member
Taking on debt to invest is always a bad idea, IMHO.
Bugger all volume, and yet still up $5 - let's see how long they can keep this up
Artful Dodger
"Neko no me"
I just found out from my wife that one of our neighbors is forbidden from buying a Tesla by their daughter, because she hates Elon for some reason....
So much happening with this company, and many great surprises to come!
Generally moving states is not an on/off switch for taxing equity compensation. I would expect CA to tax their “share,” likely based on splitting the income based on days Elon worked in CA versus total work days between the grant date and exercise.
In the long-term the move to TX should be advantageous to Elon from a tax perspective as he will presumably be working less days in CA, but it won’t bring his state tax burden to zero and it will have less of an impact on older stock options.
Elon had announced his departure from CA in late 2020. The options in question expire August 2022. Taking his statements at face value and assuming they line up with the way CA would interpret the situation, he should be in the clear.Elon has sold shares before to pay taxes and said he may have to do the same thing every few years. “Musk is referring to his sale of 2,782,670 shares of Tesla in 2016, which at the time was worth close to $600 million, to pay taxes and donate to charity.”
California is smarter than that. It can take 18 months before California lets you avoid paying state income tax just because you claimed you moved out of state.
California Non-Resident Tax: Leaving the Franchise Tax Board Behind | Moskowitz LLP | A Tax Law Firm
California non-resident tax: If you are leaving California, it is important to plan your move carefully so you aren't still considered a resident.
Q: How long will the state presume that I am still a resident after I leave?
A: You are generally presumed to be a California resident for a period of 18 months after you leave the state.
If you are going to go through the trouble to get a HELOC (in an environment with rates rising BTW) I would just sell PUTS for 2023 and then buy shares. This requires a margin account, but less risk and paperwork than a HELOC. You would be double betting TSLA is undervalued by selling PUTS and buying the stock. If Elon were to be fired or something worse it could go badly, but that seems like a low chance.
bkp_duke
Well-Known Member
For the record, it's the date his options were granted (not vested) in CA. So everything prior to the move to TX will be CA taxed, even if he cashes it out years later.
The move to TX, and staying out of CA as much as possible is a move to prevent future share allotments from being taxed at the state level.
Not a CPA, but that's what my friend in TSLA management said (and he also moved to TX for similar reasons).
bkp_duke
Well-Known Member
Or do spreads. See the "other" thread if you decide to go this route.
Knightshade
Well-Known Member
The "daily data limit reached" line is interesting as up to this point there's been no data caps on premium connectivity.
One thought- Tesla mentioned in the premium connectivity terms it included current services.... maybe they're gonna add a new, higher, tier that's "really" unlimited but offers additional features?
Would mean more recurrent revenue- though potentially annoy the lifetime connectivity folks who'd need to pay for it.
I'd guess the utility stuff is around ToU? I know when they first rolled out the departure charging feature a lot of folks complained because it was locked to a specific ToU schedule that I guess the guy who wrote the code personally had but did not match the ToU schedule many others (including myself) had.
TheWalkingDad
Cybertruck 23' or bust.
The Accountant
Active Member
I vested in some sizeable options prior to retirement. I was working in NJ and living in CT. When I exercised them later in retirement, tax was deducted for NJ.
Since CT tax is less than NJ, I argued that I no longer worked in NJ and I should have had taxes deducted for CT not NJ.
My prior employer stated that the Options were earned in NJ where they were granted and vested and not earned when exercised. It was a 0.5% difference so I didn't want to investigate it any further.
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