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dumbrenter
ParticipantHow do they figure out if somebody is asian? Is there some sort of test, like the one-drop test? will there be a new department to figure out the asianness % of a given person? A genetic test? Will that department be staffed by only by non-asians or will it have the same general percentage of asians as asked of by the bill? Who determines who are asians in that department set to figure out who is asian?
It is all so confusing.in the good old days discrimination used to be so easy like the “asian exclusion league”, why would CA want to make it so complicated like everything else?
While at it, can we please add the following:
– limiting % of persian dentists in a city
– limiting % of vietnamese hairstylists and manicure/pedicurists
– limiting % of asians in qualcomm and other large companies
– limiting % of koreans running japanese restaurants in san diegoThis bill has so much potential
Participant[quote=flu]Can you imagine if this bill, instead of about education, was about real estate?
Only 13% of the total number of residence in Carmel Valley, La Jolla, RSF can be asians…
Ridiculous…[/quote]
You are giving me ideas 🙂
That would be one way to bring the prices down in these neighborhoodsParticipantAny idea of how the property management fees are structured? is it the same or different?
Participant[quote=EconProf]
Actually, no. I just agreed with him that for really higher income folks–above $250k or so–some tax benefits start to phase out. Also, some additional taxes start to apply…part of Obamacare, I believe. In recent years at the CA and Fed level, higher effective marginal tax rates for the rich have been going into effect via slight-of-hand. Some of these new rules will apply to rental property owners, but only very high income taxpayers.
But for the vast majority of Piggs reading this, rental “losses” are used to offset W-2 income, thus lessening the tax liability.[/quote]Are you sure that folks with > 150K AGI can still get the benefit of offsetting the rental “losses”? And they don’t have to be a full-time real estate professional to get the depreciation losses?
I hope you are right, but this is a good time for me to go check on the IRS site.Participant[quote=EconProf][quote=AN][quote=EconProf][quote=skerzz]The majority of W-2 workers that own rental property in California generally will not benefit from depreciation deductions (losses on rental properties). I won’t go into all the specifics, but unless you are a full time real estate professional you won’t be able to offset ordinary income with passive rental losses. There is an exception to this rule based on income limitations — however, those that own rentals in SoCal or the Bay Area are likely making too much money to realize the benefit.[/quote]
Please explain yourself here. A W-2 worker is exactly the taxpayer who can most use the depreciation “expense” that goes with owning rental real estate. While he may have a positive cash flow from rents minus cash expenses, he also gets to deduct depreciation “expense” every year. This lowers the property’s taxable income, maybe even making it negative for tax purposes. The result is lower total taxable income. In fact, the higher his W-2 taxable income, the greater the tax benefit from owning rental properties.[/quote]skerzz is partially correct. You can benefit from depreciation deduction, just like everyone else, but the amount you can deduct decreases when you make >$150k. After $150k AGI, you can no longer apply passive loss from rental property toward your active W-2 income. So, if you make $145k and have $50k “loss” in investment property, your new AGI would be $95k. However, if you make $155k, you cannot apply the $50k “loss” toward your active W-2 income. Unless you’re a real estate professional.This is another prime example of social engineering. If you’re a couple and one of you make close to $150k, there’s very little reason for the other person to go back to work, especially if you have a few investment properties that net a huge “loss”. It would only make sense for the other spouse to go back to work if the other spouse becomes a real estate agent/broker.[/quote]
Good clarification AN. For the really higher income taxpayer, a whole lot of benefits and deductions start to be phased out as one’s income rises. My post above applies more to middle and upper middle income class taxpayers.[/quote]Isn’t that exactly what skerzz wrote? Also don’t forget the part where you need to be a full time real estate professional….
Participant[quote=temeculaguy]This was enough to bring me out, and a fun trip back through memory lane. Paramount is right, the market has strengthened and for good reason. The deals available when you first posted are gone, but I do not believe the current prices do not represent a bubble yet. When I bought my house at the end of 2008, I had no reservations, now that it sells for almost double I guess I’d worry more, but not for long.
Now with toddlers, you need a car for sure. Probably a job too, those kids get expensive. I’m a few months from being an empty nester and can honestly say that that they are just like fine wine, they cost more with age. Mine cost me about 40k a year combined and both have jobs. Even state college will run you 20k a year with tuition, housing, food, cars, gas, car insurance, health insurance, cell phones, etc etc etc. I’m about to transition to two being away at school and am loading for bear as I expect my tab to get closer to 60k. My advice, come here, but do t soon, great place to raise kids, fun town with lots of things for every speed. However, postpone retirement until the last one graduates college, which in your case will be in about 20 years. Put that retirement fantasy to bed now that you decided to procreate (which I fully support as it will add more to your life than sleeping in for the next 30 years will).
As for medical, we have four hospitals now. Inland valley expanded, loma linda added and the crown jewel is the new Temecula Valley Hospital which recently opened. Scripps or sharp owns rancho springs or inland valley, or at least did when I last checked. All in all, health care caught up finally.
Temecula is a wonderful town, keeps getting better as the years go by. I am currently commuting South and I notice when I exit the freeway the line to exit is shorter than the line to enter the Northbound 15 from Temecula Parkway. There are a lot of jobs here now, unfortunately for most people, the prices get lower as you move North and most cannot afford to live in the city proper, thus we have entered the next phase where people commute TO Temecula.
Which makes me think about all the old discussions, paramount, I hope you kept that paloma house as a rental, you are going to make a mint one day. By my calculations, your doubling down will make you a rich man, wish I had done the same.
Also, the South Temecula bias is confirmed, just like a lot of places, being in certain school boundaries has a value, and Great Oak High School is where the current value is. They are changing the boundaries, being South of Temecula Parkway or the Southern part of the wine country will soon have a financial benefit. The district is rezoning and refusing transfers to that school which used to be fairly easy.
I personally think all the schools are good and the differences are slight up here, but the Jones’ have decided that keeping up has a value and unless you live in the proposed boundaries, you can’t send your kids to the school with the highest scores in riverside or san bernadino counties combined. It’s no longer a concern of mine personally, but any student of r/e values knows it makes a difference.
Once the town gets a university i believe the transformation will be complete. In the 46 years I’ve lived in So Cal I’ve seen towns boom and bust. With everything I’ve learned, this is a town I placed my bet on and it looks like I won, go to Old town on a Friday night, it gets cooler, younger and hipper every month. Hit the wineries and realize everyone is from orange county. Even saw an episode of a show on food network called “chopped” where they described the town as affluent, I was taken aback. If I hadn’t bought, I’d probably be priced out of my own hood in just a few short years, that doesn’t happen because of macroeconomics, that happens because people want to be here. Don’t wait another 4 years, this clock is ticking, in a few years you will be looking at Menifee, at best.
I wish CalFord would come back, gloating is amongst my favorite hobbies. Temecula is now the 3rd safest city of 100k population or more in the US.[/quote]
Never been to Temecula in daytime (casino), but have to admit, temecula folks are the most partisan bunch on this board. Maybe I should drive there this weekend just to check it out.
You should run for the mayor of Temecula..on second thoughts, we could use a little help here in San Diego!Participantwhat use is all the money saved in youthful years to spend in your old age when your bones are weak, you cannot get any action due to biological limitations and you wet yourself every few hours?
This whole thing seems inverted. Shouldn’t we be taking on as much debt and focus on spending that in our youthful years and then work hard in old age to pay for it?
A vacation to Cabo in your 30’s is much more fun than going there in your 70’s.Participant[quote=flu]Look on the bright side.. It’s a Target. It could have been worse. It could have been a Walmart :)[/quote]
When are they going to open that 99 cent store there?
Participant[quote=cvmom][quote=6packscaredy]at a certain wealth level, philanthropy looks less like generosity and more like well, Im not sure…something else…. at least to me…[/quote]
Well, I’d sure rather some potentially fake generosity than some absolutely honest selfishness…[/quote]
Absolutely honest selfishness is so rare I’m not sure where to find it these days
Participantwatch my life : a train wreck
November 21, 2013 at 7:34 PM in reply to: A short video from Ray Dalio: How the Economic Machine Works #768278Participant[quote=SK in CV][quote=AN][quote=SK in CV]I couldn’t listen to it all. There were just too many falsities stated as fact.[/quote]
such as?[/quote]It was a few days ago, the worst I remember is that the only way to make more money is to increase productivity and the only way to increase productivity is to borrow money, or something similar to that.[/quote]
Thats not true. Pick some other “falsitie”, I’d be interested in it.
ParticipantDon’t you think that if I were the employee, I would realize what a gold mine I am sitting on if asked by “higher ups” to fabricate data?
That is why this story makes no sense to me. Any body with half a brain would realize the consequence of that verbal instruction and play accordingly.And, I find it hard to imagine who that voter could be who went to polls based on the job report!
Participant[quote=Jazzman]Here we go again. The documentary is NOT about socialized vs private. That is not the debate. The core issues are about how care is administered and how it encourages out of control spending, often to the detriment of patient health, and sometimes with fatal consequences. There is a direct relationship between increasing costs and decreasing quality care. Doctors and hospitals obviously understand this better than we do. Whether you have an aunt in the Netherlands, or an ailing mum in the UK, if you haven’t watched the documentary you may be missing the point here.[/quote]
To copy from Mark Twain, those posters who are expressing opinions here are not going to confine themselves to the narrow constraint of the link you posted.
November 13, 2013 at 4:03 PM in reply to: A short video from Ray Dalio: How the Economic Machine Works #767838Participantthanks for posting it. Informative.
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