Received mine in CA this afternoon. Keeping my fingers crossed for you and all others on the west coast that you receive later today!
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Tesla, TSLA & the Investment World: the Perpetual Investors' Roundtable
- Thread starter AudubonB
- Start date
Ask her what consideration should go into tax payments. A large number of shares sold during a particular year could greatly elevate your tax bracket, especially for shares held less than one year. Although it could also raise taxes for long-term gains.
AimStellar
Member
If this is serious.. As an attorney not giving any legal advice (I'm just awful, you wouldn't want my advice ever, anyway). You should consider consulting a competent attorney. Half those shares are hers. Would be a shame if you told her "NO, are you NUTS? This is going to $50,000/share." Then she asks who this "Cathie" woman you've been talking so much about lately is. And tomorrow, Happy New Years, you're served with divorce paperwork.
Hopefully not a serious question, but certainly maneuvers exist to mitigate if not prevent that from happening.
Failure to do so could place 1/2 of $6mil of TSLA shares into the hands of those unscrupulous actors willing to do the unthinkable -- sell them.
I'd pony up, offer her a cash equivalent so you can keep the shares, lest you be accused of TSLA HODL Treason, as your previously owned shares are weaponized against all of us going forward!
It's amazing how many spouses are in the dark. My wife knew we were all in on Tesla a few years ago, but didn't realize what it did to our fortunes until 3-4 months ago. Now she asks to see the accounts once a week or so. Fortunately, she thinks the money is not ours until we take the gains.
Little does she know we're hodlers. Oh well...
He didn't say $6 million, he said _.6 million. That could be $0.6 million or $9.6 million...
And if your kids have children (your grandchildren) each of them can get $30K ($15K from each of you). You can give them TSLA shares, but note that their cost basis will be your cost basis. Only after your death is the cost basis stepped up to the price at your death.
My wife has no interest in our TSLA holdings. She was surprised when I told her a few months ago how much we had. All she cares about is when we can retire. I've tried to convince her we could pull in our retirement date by several years if she allowed me to invest some of her 401k funds into Tesla (her 401k allows transfer into rollover IRA), but she is conservative and thinks we are already too concentrated.
Oh well is right.
Are you saying if I have low cost basis stock, I can give more than 15k (at current value)?
AimStellar
Member
You are correct, thanks. However the larger point remains: Every long TSLA share is precious in its own beautiful way.
For 529 plans (which grow tax free until withdrawn, normally for educational costs - tuition, etc.) you have to go through a plan authorized by a state (doesn't have to be your state, although some states give further tax credits, etc.) States approve the funds that you can invest in, typically taking an administrative fee beyond the mutual fund's fee. I'm pretty sure that no state allows you to investing in individual stocks in a 529 plan. Where we are in California, we don't get any benefit from the state to use California's plans, so we chose the Nevada 529 plan that is administered through Vanguard, since it is low administrative fee plan. There are other states that also have low admin fee plans.
You can give $15K and your spouse (or any friends you have) can also give $15K - per year to any person. Your spouse or you can also allow each other to use their $15k allowance for a combined gift. It can be cash, stock, mutual fund, etc. but the market value at the time of the gift determines the value, not the cost basis. When the giftee sells the stock, they have to pay capital gains on the stock, based on the cost basis (effectively preventing escaping capital gains tax). The only way to escape capital gains is for you to die and bequeath to your beneficiary.
mejojo
Active Member
They attempted to deliver mine in SoCal, but I wasn't there. Rescheduled delivery for Monday.
Heading out for New Year's Eve dinner. You all played a big role in making this year as enjoyable as it was for me. Hope you all remain safe and healthy in 2021 and I look forward to many more trading days of fun and frolic.
Model S M.D.
Ludicrous Radiologist
ATH, HODL, DCA while WFH, DYOR blah blah, running out of acronyms! Cheers everyone for this silver lining in a crazy 2020. Very thankful for this community and looking forward to an even better 2021.
You're going out to dinner? Yes, safe and healthy.
Andy O
Member
Happy New Year to all, and thanks for all the good advice, including the advice to be charitable.
May be I did not word it correctly. I will read up and come back with better questions. Thanks.
pz1975
Active Member
Happy New Year's everyone! I am on call tonight so sadly will not be able to partake in any drinking.
I also want to express a great deal of gratitude for all the contributors on this thread going back to when I first randomly stumbled upon it in 2013. I owned TSLA shares at that time, but this thread is a major reason that I never sold (core shares - I do trade in and out of options) and only added to my position over these long, and sometimes difficult, years as a TSLA investor and Tesla fan. Although 2020 sucked for many reasons, the rise of TSLA has set up my family and I with financial security for likely multiple generations (unless someone messes up big time!), and I want to thank all of you and wish you the best! Someday we will all meet up with our Roadsters and islands...
I also want to express a great deal of gratitude for all the contributors on this thread going back to when I first randomly stumbled upon it in 2013. I owned TSLA shares at that time, but this thread is a major reason that I never sold (core shares - I do trade in and out of options) and only added to my position over these long, and sometimes difficult, years as a TSLA investor and Tesla fan. Although 2020 sucked for many reasons, the rise of TSLA has set up my family and I with financial security for likely multiple generations (unless someone messes up big time!), and I want to thank all of you and wish you the best! Someday we will all meet up with our Roadsters and islands...
10x!
Today is special! My Tesla investment turned 10x!!! Something that was supposed to take 10-15 years, happened in less than two! Wow!
And while my Tesla investment is modest by TMC standards (not a Teslanaire yet), the way I see it, I just saved 5-10 years on my path to retirement! Unbelievable!
Thanks to Tesla, Elon Musk and this forum!
Cheers and Happy New Year everyone!
Today is special! My Tesla investment turned 10x!!! Something that was supposed to take 10-15 years, happened in less than two! Wow!
And while my Tesla investment is modest by TMC standards (not a Teslanaire yet), the way I see it, I just saved 5-10 years on my path to retirement! Unbelievable!
Thanks to Tesla, Elon Musk and this forum!
Cheers and Happy New Year everyone!
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