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When they stop Patrick thought political world is focused on Ohio today where voters are filling up and congressional seat at a race that is said to be unusually close Democrat Danny O'Connor running neck and neck with Republican Troy boulders and in a district it's been reliably Republican for 3 decades President Trump winning it by double digits 2 years ago but making a last minute campaign stop this past weekend to boost Balder seems chances he also has the backing of Ohio Governor John Casey who held the seat for nearly 18 years Capitol Hill correspondent Walliams also asked for News dot com secretary of state Mike POMPEI O says the renewed sanctions against Iran are an important pillar in U.S. Policy toward the to run government those sanctions are back in place after having been eased by the Obama administration under the terms of the 2015 Iran nuclear deal President Trump decided made to withdraw from the Accord bomb Peo says the sanctions will be rigorously enforced and remain in place until the Iranian government radically changes course pump AOE says the Trump administration is open to looking beyond sanctions but adds that would quote require enormous change from to Ron He said Mr Trump is intent on getting around to quote behave like a normal country Jeremy House reporting investigators are after assailants behind a failed attempt to assassinate that as a weapon President Nicolas Maduro with explosives laden drone element of missiles continue to search or attackers in this case we know that they have made some arrests in the motel here in Caracas the capital been in Leyla they've also made some arrests in like cities outside of the capital and their search continues they expect more arrests to be in the offing correspondent Scott Smith soldiers have pulled a man alive from the rubble of a large mosque that collapsed in northern Lombok during Sunday diets powerful earthquake that has killed almost 100 this is S. Are a news. Are you drowning in IRAs tax debt $30000.00 get ready for a toll free hotline take advantage of new I.R.S. Tax forgiveness programs that may protect you from I.R.S. Collection agencies they have the power to garnish your wages put liens on your property and levy your bank accounts civic tax relief can help protect you from the I.R.S. . Basically represented to me. By the time everything was completed I don't know if anything find out about the Fresh Start program that is now available through civic tax relief civic tax relief special tax hotline can help you discover all the relief programs available for free I would recommend anyone who has the tax problem . Really just call 802106779802106779 Don't wait Call now 802106779802106779. It's been called shell shock worn the roses and battle fatigue today we call it post-traumatic stress disorder and it affects one out of every 5 warriors we're turning to battle in Iraq and Afghanistan the Wounded Warrior Project offers comfort and support for warriors with P.T.S.D. And all other scars of war whether those scars are visible or find out how to help because for warriors the greatest casually is being forgotten please visit Wounded Warrior Project dot org. What do you hear most people just hear and we hear a 6.2 leader with the supercharger that accelerates so fast. Through the stratosphere. The Brotherhood of muscle. Domestic domesticated is a registered trademark of U.S. . If you are a man over the age of 40 Here's a special announcement and if you answer yes we want to send you a free bottle of zest just her own but 1st do you want to promote your energy and vitality What about your stamina and endurance would you like to support healthy testosterone levels Well if you answered yes we want to send you a free bottle of zest Oster own from purity products zest Oster own is a super nutrition formula powered by vitamin D. 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Go to feed the show that's these little dusting strategies for today's needs into a mold story this is one good strategy of the city presented by the well the guys who said Lucienne capital. You are Johnny and Rick the Professor Plum. I want to go vote bank for a tune again. Happy to have you all here lots and lots and lots of things that just keep going every day it seems like you got so much stuff to talk about and not enough time to do it and I am Johnny Dean professor at Plum here from Wiki a capital group talking about selling your home that's going to be one of the topics the things that are involved and it's early the process of selling your home but some of the tax advantages of doing so your primary residence that's one way we can go also your 9 that primary residence things have gotten a little complicated over the last. 8 years. One of the chains that rule was 82012008 because post 2008 All right so for the last 10 years we've had a few more challenges in selling non primary residence properties all the money the formula little bit because apparently we were getting too much money that we weren't supposed to have and so they had to change the rules to make things a little bit. To the I don't know I thought really great area because it's fairly straightforward but it makes it more difficult to determine what's taxable and what's not taxable is a good chance if you can do it yourself you're going to mess it up so we'll try to explain to you a little bit how this works but 1st of all the Start with a primary residence and selling that and all the things involved all the nice things it was one of those wonderful things that came out of the 19989096 presidential election sometime between 19062000 we wound up with this home a exclusion of capital gains tax exclusion definitely expanded home sale exclusion we had a home sale exclusion before it just wasn't. For most people it was it is not well if you were you didn't really have any I don't think if you're under the age of 55 well as long as you buy the equal or greater you didn't you could have always exempted yourself from the tax on the gain as long as you bought another house while you're not even later you were deferring it until such time as you know you moved down and then there was an exemption of adding $125000.00 and $1.00 time one time and that was it and if you didn't use it all oh well that's right so post age 55 you could do that it was a 55 I guess it was seem so old at the time you know 55 it's way to future Adsit old persons out I can't imagine that now you know I use it makes the exclusion. You know age 56 or 57 and I decided that place is too big so you know I moved down the 2nd time and. I have to pay capital gains tax what are we talking about all right well explain all this to get ahead of myself here is as I often do but it's a nice benefit that we had all the stuff I was just talking about you don't have to worry about that anymore from a primary residence standpoint it's kind of a cool thing so I will tell you what that's all about Also I had some income annuity and all this other stuff not just annuities but but guaranteed income. Topics to talk about ways to generate guaranteed income part of that part of the reason for this show which is called bucket strategy investing part of the reason this show exists is to sort of give you some ideas about if not guaranteed income at least a distribution method that can give you some forms of guarantee and this is really what saving and investing comes down to all right this is really what it comes down to is save your whole life to get to a certain point we don't have to have you don't have to go out and hustle for a buck anymore for some people it's early for some people it's you know never but usually around age 65 somewhere in there somewhere in your sixty's you decide that's enough I've got some time left I'm going to enjoy it so you have to start taking money out of your portfolio and it all wind it all comes down to that point where you're no longer contributing to your. Portfolio your portfolio is now distributing to you and so the question becomes how do I get as close as I can to get getting forms of guaranteed income if I have guaranteed income for the rest of my life that would be perfect if I had enough guaranteed income most of us don't have that. At least not 100 percent so the question is how do you generate as much guaranteed income as you possibly can so we cover that talk about that little bit later on this hour or next hour there's also the revolves around your phone calls your e-mails and all that stuff so whatever you folks want to talk about out there are watching and listening lines are open for you of course as they always are during this program and afterwards 877 planner P.-L. a Devil any are 877-752-6637 we plan on this show we help you plan we help you strategize and we answer all your money questions here you also e-mail us to mention that we will take your e-mails do a few of those in just a little bit go to our website well fed dot com W E L T H like to spell it out now well fed wealth and as in wealth education we do that here on this program as well so writes As send your e-mails link says find your answer and we will answer the questions here on the program off the air I should just take care of this veteran take or this business right away because we have so much to talk about but it's important that you write down this off air number as well and again we set this up for everybody watching and listening this is exclusive you exclusively for you folks because you're going to have questions if you listen or watch this program carefully. You're going to have questions things that we bring up that will spur some fought in you as to well when can I retire do I have the right asset allocation do I have the right products in my portfolio so this number they can help me out there Capital Group 806441150 that's off the air you can speak with an advisor like Professor Rick or any of the Lucida Capital Group advisors across the country wherever you happen to be 806441158 is it's all about your individual situation we give you answers on this program we sometimes give just topical answers because we don't have time to get into everybody's situation but your situation is unique and you need a unique answer and response to from the brain trust so give me a call 806441150 that's the off air number and Luci a capital group again on the area 77 planner P L A double any are it's 77 I give that number. It is headed to a group come through with better locks of a door I haven't seen that I mean I see 2 groups come through you know while we're on a war on a break but generally not while we're. On the air hey I'm a professional I didn't even have to bring it up nobody would even know that but it just seemed odd to me. OK I said the number 807 planner Let's see before you the primary residence is you know it's again I don't have a ton of time let's do a couple of e-mails here that we didn't get to toward the end of yesterday's program Social Security question here a couple of them actually we will start with babba talked to him in Houston Texas my sister in law is 64 date of birth May of 154. Widowed but working full time as a nurse her estimated salary is $48000.00 Can she keep working to build her Social Security benefit but receive a survivor benefit from her late husband without a reduction based on her earnings Professor Plum 1st of all. We should explain again that if you're under full retirement age for Social Security purposes. You are limited to how much income earned income you can have and still keep your Social Security benefits or you can look at it that you're limited to how much social security you can have. If you continue to work and make more than 17000 and change so in this case if you just look at the 1st part of the question can she take a survivor benefits She's widowed presumably she was married for more than 9 months . She's still single. Yes she is potentially eligible for a survivor benefit which she can take without taking her own benefit leaving her own benefit to grow all the way up to age 70 and her you know so that that is the 1st question can she take a survivor Bennett without taking her own The answer is yes but the problem is that John was alluding to that she's under full retirement age and if you're under full retirement age and you are working regardless of what benefit it is you're going to have an issue with that earned income test if you're under full retirement age for every month of the year and she is for the next couple of years she will have an issue with taking Social Security while she's still working and it doesn't matter whether it's a survivor benefit or her own benefit it's going to have the same offset and so until she gets to the year where she reaches her full retirement age which would be . 2060. 2000 or 20000 excuse me that I think it is there as of those happy. Yes as you are now yes you're 2020 so 420182019 she's going to be subjected to the earnings test in January of 2020 she now has a different test she has is still has somewhat of a test but at her current earnings very she won't have a problem with it so she could start receiving a benefit. In January of 2020 and so she would look at her benefit and the survivor benefit which one is ultimately going to be the biggest is a survivor benefit at $66.00 you know what number is that what is her benefit projected to be at age 70 if her benefits going to be larger She takes the survivor benefit beginning in January of 2020 and let her she to leave her benefit alone and even if she doesn't continue to work it will grow by 8 percent if she continues to work and add earnings through the years and become better earnings than it will grow by to me and so that that which you that she does not have to take her own even though she was born in 1000 could before that's right survivor benefits work differently than spousal benefits it's said that's a good thing I suppose on the other hand unfortunately survivor benefits she's eligible for a. Benefit not a spouse you got to take a break coming right back with more baby boomers are facing some critical retirement planning decisions that involve their Social Security benefits so many variables can impact disowns Social Security Strategy your work history your spousal benefits and of course the age at which you take benefits among others here you have questions about your options for Social Security take 15 minutes to watch your free online video available now 9 vital steps to navigating your Social Security this free informative program is hosted by Lucienne Capital Group chairman Jr What you're about to see is what I believe to be some of the most important information you need to know about so Security joining right for the street presentation Capital Group chief financial planning officer recliner for example if you're for retirement age is $66.00 then you will receive a 25 percent reduction in your benefit if you claim at age 629 Steps to navigating your Social Security is a free online video available now on demand that well fed dot com has a wealth education wealth then dot com if you're facing Social Security decisions don't miss this free program online on demand at well fed dot com Let's talk about longevity and taking that into account gay. Insights about issues that affect millions of individuals and couples trying to make informed Social security decisions the timing of the benefits can create a couple planning opportunities that may help you manage the benefits you receive over both your life that watch 9 vital steps to navigating your Social Security then schedule an appointment with the Lucienne capital group advisor to learn how to integrate social security benefits which can be calculated as part of your retirement planning strategy go to well fed dot com as in wealth education well fed dot com Social Security rules can be complex for more information on Social Security benefits go to S.S.A. Dot gov or call 807721213 capital group and its affiliates are not in Georgia by or affiliated with the Social Security Administration Jr and red plum offer advisory services through Lucina Capital Group an investment advisor securities opportunity and securities L.L.C. An affiliated broker dealer member S.I.P.C. Jr and Rick plum representatives. Interest rates are rising central banks are tightening and the easy money Partiers over winter is coming which is why thousands of copies of the highly anticipated book Gold is a better way have already been sold even before its official release on Aug 14th in preparation for the coming economic crisis Adam Carolla the author of gold is a better way is hosting a mega retirement webinars thousands will attend during this live web in our animal show you how to protect your retirement from the 10 biggest threats facing the market and the economy and how you can get the book and free access to the gold is a better way platform right now this once in a lifetime women are is on Aug 7th plus Adam is giving away $10000.00 worth of gold to Lucky attendees text gold 249-7762 claim your free ticket now get the insider information that could save your retirement just by texting gold or 9776 text they were gold for 9776 standard text messaging rates apply. 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I M but good strategy investing we do more than just talk this is the show powered by the Financial Planning strategist and investment team that Lucienne the group you're listening to bucket strategy investing Yeah and Johnny game professor at Bond your host here probably Jia Capital Group. 877 planner P L A double N.E.R.V. Of money questions 877-752-6637 but you have room on the phones for you to call in shows so if you have questions or call us or you can e-mail us go to our website well fed dot com well fed dot com A good leader on some of these common for a one K. Mistakes if I have time and how you can avoid them probably do that next hour also next hour we'll finish up these myths about annuities I had mentioned earlier about guaranteed income and one of the things that one of the ways you can get guaranteed income is through insurance products specifically. Different types of annuities and it could be income it can be guaranteed income or you can use them if you prefer as some sort of a bond or CD alternative there are a whole bunch of different ways to do them but there are some myths believe it or not about annuities but don't you think when you think annuities are just completely understood by everybody. The people that sell it that's the problem here that is the problem and it drives you crazy well trades you more crazy Professor Plum when you hear things being pitched the way when you know how something works and somebody is trying to pitches a little bit differently and it grates on you well the problem is it takes away from the product that I mean it's not that the product is bad and you know. It could be a very good product used correctly but then people exaggerate what it can do and it taints it it just makes you not just the product to begin with because the person that's pitching it to you we have the screen or wholesaler come out and he was talking about a product we know the product very well we the products very good talking to you about he was talking to different the advisors about and but the things he was saying was likely no that's not true show me the contract where that's true. Never mind that the Let him talk and then we'll go back and we'll dissect the contract and will know the real reasons but the contract was a good contract for what it was supposed to do it was a fixed contract it was a guarantee it had decent interest rates it had yours all the all the things that we want out of it for the purpose we want out of it you don't have to tell us all these other wild stories that it can cure cancer and other things and he didn't say that but I'm just you might as well exaggerations or they taint the product and so the people don't trust the product when you bring it up right even for when it's useful what you know what if you have somebody who sold a sports car a nice little was a little sports cars that can go around the curves really quickly and can hit 150 miles an hour whatever it is if you can ever get that fast you have one of those cars and they say you know what this thing can haul 2 tons and you should you should put your your trailer and your boat and everything behind this thing and just bring it on up the mountain because this thing will do it you have a job and you have a need to be towed you this is your car your sports car and of course you know Tommy you might believe it try and say it doesn't work and everybody says oh all sports cars are rotten or you're looking at that truck that can do the hauling and all that kind of stuff and it gets 40 miles to the gallon. Well there's an outright lie. The truck works you when you're looking for something that can tow this it can do this it can see this many people it has these bells and whistles and you're looking for certain things and oh by the way. It's. You can have 3 thoughts huge a life yeah just go into a gas station and tell him I sent you. That come on the same cuts that awesome truck is the same concept why would you dress it up with something that's not true that's not true it doesn't make any sense but of course then you get people who are saying never buy trucks yet never because that day because otherwise they don't get fill up they don't get 3 fill up so they don't get very well as they get out of it 40 miles to the gallon and you actually have to pay for fuel I mean that's ridiculous so this is how they get a bad name same thing with things like annuities products like annuities and then I'd say annuities because those seem to be the most often maligned out there oh very much so there's your it's like politics there's that for one side yes and he's using newbies for everything in the world you know the far bigger right or left who cares and then you've got the other side never by the need for any ever ever ever never and always those barely exist in financial That's right never listen to somebody who says that that's always a bad thing. Is that right. OK. So anyway just just stuff to watch out for I believe you're going to get the truth on this program this is why you listen to this program and while you watch this show it's because we're going to tell you that you know in some cases we've answered questions from people who have said asked us about annuities I think that we have one yesterday or the day before somebody called in and asked. About one of these guaranteed income products and it doesn't matter and sometimes we're going to hear it say yeah that's actually a very good product for you at the time to going to say you're going to hear a say no that's a terrible idea nobody should have recommended that to you at all and sometimes and somebody here is one answer or the other they think that we go that way across the board not true when it comes to the actual investment products. When you just ask me about a product that we're pretty much agnostic about products we don't care let's talk about what you need and what actually fits the bill for what you're trying to accomplish now there's going to be an opinion of what does and does not work and why they do or do not work for your situation for that specific area of your portfolio I have never found a product of any kind that the one product fits the entire portfolio or that one product fits everybody's portfolio so yeah it has to be tailored to you so before you talk about and we have this question from time to time hey is this a good investment. OK tell me what you're trying to invest I'm sorry tell me what you're trying to what do you think that this investment is going to do for you now what is it that you need this investment to do for you now do does it fit now maybe that you hear about you know a company being a trillion dollars where they think I want to be up you know is that a good investment I don't know going there was a stock that went public a couple years ago and all my life I don't want to own their product and so I think of the product they sell the product they sell but I could never afford the product they sold so that about I want to buy this stock not because I think it's a good investment but because I want to say that I was that stock and that is you could buy the product and I figured as soon as I buy that's going to go down anyway but I still want to buy that stock because I want to be an owner of that company I was looking at it from a financial standpoint I was looking at it just from my personal you know whatever of the coalition what yet has the what Ike would consider to be cool factor and it is but so how are we looking at this investment why are we looking at this investment in that case we were worried about whether it went up or down I just want to own it now on the other side if somebody said well do you buy it because you think it's going to do really well well I don't know I didn't play into the I didn't say that didn't play into my consideration for that particular little piece but somebody has asked me you know should we be doing this well let's find out what it is you need to accomplish Why do you think that this particular investment fits your bill now when it comes to a new a tease. I will have people ask me I've been pitched or told that this particular investment does this this that and that. OK Well let's see what the contract says you were told it does this OK it doesn't do that or it does let's find out if that's what you were being told and then we can decide whether it really fits what you're trying to accomplish I'm trying to you got to get into the nuts and bolts at times what type of product was this was this an automotive product or was this a computer target the fact that I wanted to buy all the product that you couldn't afford that you didn't might have been a DOT about it OK that's the 1st thing I thought it might have been an international flavor with 4 wheels Yes yeah generally red you know is the company oh yes I know exactly what a horse made and I'm not I'm not going any farther it's whatever you want to talk about are yellow black black black black background on the For Yeah OK I'm going to 77 platter coming right back with more reason to talk to people in a Capital Group retirement strategies workshop about concerns they have related to retirement and concerned about another market crash I think inflation is always a concern how to make our money last and certain that I have is that I'm not going to have enough money for retirement retirement in today's economy is one of America's greatest challenges especially if you have to make decisions on your own and you may live 30 years or more in retirement if you're worried about outliving your money inflation in stock market volatility discuss retirement strategies designed for these uncertain times get a written plan customized by an experienced retirement planning strategist you can schedule a consultation with an advisor now by calling 864-115-8644 you live in 50 click Contact Us said Luci a camp dot com That's Lucina cap dot com securities offered through securities L.L.C. Member finance I.P.C. a Subsidiary of Luci Capital Group an affiliate of Luci a well services the strategy involves invent. Subject to risk capital group asked what you feel are your greatest financial failures and worry about outliving our money market crash taxes you know retirement while we may share concerns about saving investing and retiring we each have a unique financial thinker print and our own individual concerns we always worry about the national economy and flake. Because every investor has their own challenges a Capital Group customize a strategy for each client that addresses their specific goals and needs capital group we understand fears of outliving your money market volatility and inflation learn how a bucket strategy can be designed to help address your concerns schedule a complimentary consultation call 80644115806441150 or click Contact Us at Legia cap dot com That's a cap dot com securities offered through security Zillow C member finance I.P.C. a Subsidiary of Capital Group an affiliate of services the strategy involves investment subject to risk. From the Fox Business Network You may have noticed lower prices for before or chicken recently as record levels of meat hit the market good for consumers but it will likely hurt producers profits especially with the on going to protest tariffs the Justice Department appeals the Time Warner merger saying the judge ignored economics and common sense and allowing the merger on the small screen. The calls for the Star Wars television series maybe a whopping $100000000.00 The New York Times reports that would put it on par with T.V.'s costly A shows the series will air on Disney's video streaming service set to launch next year and stocks ended higher as investors focus on healthy corporate earnings the jail rose 39 points the NASDAQ gained 47 with the Fox Business Report I'm Carmen Robert. 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Was so focused Johnny to measure reply here from a cheer camp of a group 877 planner P L A double many are to call in shows if you get questions give us a call lines open for you right now you can also don't forget that if you don't hear our program or see as everywhere you happen to be go to Facebook that's a wonderful place to not just hear the program but watch S C S Do it in action program here at the anchor desk it's kind of a fun thing to do now I've never seen it live myself because of the boring if I just sat here and watch myself on facebook Besides I think it's like you know 3042nd delay just would not look good anytime the host is watching his own program while he's doing it just never works but you folks can do it go to Facebook look for wealth ad e-mail T H well fed and like it whatever you got to do and follow it will show up every single day in your newspaper All right 877 planner I gave you that number if you want to e-mail us go to our website wealth ed dot com I have a few words here it's a take along but I wanted to get into this idea of selling a home and the primary residence as as we've sort of said of the top of the hour before. The old rules prior to 98 I guess 1907 was it May 7th if they say OK Maise drive that is a 7 for the I don't know why it is either used to be a lot closer than it used than it was now this is like 21 over 21 years ago but in MS starting May 7th in 1907 the rules changed for selling a primary residence and I know we talked about this from time to time but there are still people I think who are under the impression that we're under the old rules the old rules that were there for a long time years and years far back as I remember in the old days Professor aplomb . If you were under the age of 55 you and you sold your home and you had again in that home all right that's a capital gain you had up to 2 years from the date of sale to. Put that gain roll that gain if you will into a new primary residence and if you did that you didn't have to pay taxes on that so you bought another house for equal or greater value yet the accounting was very simple it was didn't you didn't recognize the gain on your tax return right now and nobody had $800000.00 gains back then I don't think some likely but if you did and you rolled into the new home you paid absolutely no taxes on that as long as you rolled into the new home OK but if you're 55 or older you had a one time deal where you could as they say buy down you you could. Buy something cheaper you didn't have to roll and into a more expensive home you can buy something cheaper and older people older people. There are 5 yeah well as as people may tend to do after age 55 let's put it that way well the idea was that they were selling the Big House they raise the kids and moving to a smaller house maybe a a senior area yes something a little bit easier to take care of the less landscaping a little housework nobody when they're 70 is going to want to buy up right and so they were giving them just a little bit of a break and one that you could move down and exclude up 212-5000 again and at the I'm sure at the time they put that rule in back in the it was a good amount again it was a pretty you know pretty big number yeah especially for you know that got out of the country it became an outdated number so you know during the campaign they said let's make it $250000.00 Well that was Bob Dole at the may get a available to anybody that was Bob Dole in the 1906 presidential campaign. Suggested that homeowners should be able to sell a primary residence capital gains tax free with up to $250000.00 of capital gain wiped off the books anything over that you would pay capital gains taxes on and Bill Clinton being the politician among other things he was up to you sure did which was Bob Dole should have done well and he just said OK I'll see your 250000 per property and I'll make it 250000 per owner a married couple now gets 500000 Yeah beat that OK I'll take it. I'll sign up and they actually passed it very quickly after the election to they sure did it was it was proposed and passed how this happened I don't know you'd never see that happen today I just don't think you would ever see that happen but back then they did and now we have this $500000.00 for married couple exclusion of gain if they're selling a primary residence that has been their primary residence the entire. Or ownership time or at least since 2009 if they've owned it longer than that that's not much of an issue but. We've got this idea that we can sell a property and I still get questions I had this question just the other day. Mom and my mom and dad are selling their property and they're going to sell it for $400000.00 but they really don't know how much they're going to owe in taxes I think it's a how how long have they own this property of cash they voted for 50 years will how long's it been their primary residence we all grew up there it's they've lived in it for the past 50 years and we're just they want to sell it but they just can't afford the taxes well there won't be any capital gains taxes when mom and dad sell the home that they've had for 50 years and the gross proceeds on that are 4 $100000.00 pretty much by definition that means the game is going to be less than $500000.00 so they don't have to worry about it. But I still get the question is why not. Well because it's they can exclude 500000 with Again $250.00 a month identity on that side so as long as they sell it with less than 250000 each of gain 500000 American Idol I'm a dead don't have to worry about paying any capital gains tax you know they can take that money and do whatever it is they they don't want to do it you can pocket it you don't have to report it you don't have to do anything that's one of the big changes from the old law where the other one we had 2 years to buy another house this one just says just if there's again you exclude it doesn't matter what you do with the proceeds you can buy another house if you want to but you don't have to account for it you don't have to deal with it or you don't have to buy another house maybe you can go to rent or maybe you can move into something you already owned or you can go you know full time R.V. And retirement for the next 5 years and then come back and buy another house it doesn't matter doesn't do with the funds it's just a matter of have you lived in it and owned it for the past 2 years well 24 out of the last 60 months I guess when they look at have you owned it for 2 of the past 5 years 24 Of the 60 months and has it been something other than your primary residence before you moved into it that's a question they added in 2008 so that we all a lot most of us have understood the fact that if we've lived in for 2 of the last 5 years and we haven't used the exclusion in the last 24 months we're OK We can sell and pocket up to 250 of game each husband or wife 500000 but they added this a little question back in 2008 before you turned it into your primary residence did you own it when it was not your primary residence not another words vacation home rental property and progress mom and dad live there and they're you know whatever the case may be and you can only have one primary residence at a time. So if you have a property that was not your primary residence and then after 2008 and then you made it your primary residence you've owned it at a period of time where it was not your primary residence and then you turned it into your primary residence now we have another calculation to deal with we still calculate the gain the same way what is my basis in the property what I pay for it what are the pay for improvements and things that nature what is my basis and then how much gain do I get from selling it I sell it for X. I have to pay a broker to put in some money for fixing the heating unit and things like that so whatever on the loan is not an issue they ignore the loan but what is my sale price less selling process less selling expenses what is my basis the difference is my gain Now if it's always been my primary residence that again up 225-0000 per owner gets excluded you don't even worry about it if it is not your primary residence that again is going to be proportioned out between the 2 different types of ownership yeah none primary residence and primary residence and this is the calculation you won't be able to exclude all of the game you'll be able to exclude some of the game has some of it is attributable to your primary residence use and some of it is a tribute now to the other stuff if you're if you had it as a rental why awhile back but it's been your primary residence ever since before 2008 do you have any calculation that you have to do you do only on the depreciation that you took while it was a rental Well right but as far as the capital gains tax if it if you if it's been a primary residence since 2008. Doesn't matter anything before that of the British and now you don't have to do this calculation they're only going to look at time that it was not your primary residence where you owned it it was not your primary residence after 2008 when the THROUGH THE LAW Yeah so let's say you know between 20092011 I'm on this property for 20 years but for 2 of those 20 years between 09 and 11 I had I rented it out or something you know what I moved out of it and moved out of it something like that the calculation would be to 20 S. Or they take the number of months after 2008 that it was not your primary residence divided by the number of months that you all did so in that case if you've owned it since they've been 50 and yet a couple months after 2008 not a big deal for somebody who bought the property in 2000 and rented it out uses a vacation property and then today decided you know what I think I'll move into it for 2 years and try to exclude up 250-0000 again yeah that's likely to work very well no it's not if. It can be a tough thing to visualize but just understand if your primary residence was not your primary residence any time after 2008 you may have an issue with tax 877 plan or P L A W N E R We're coming right back with more buckets strategy investing. Every investor has their own unique financial fingerprint each with their own unique concerns concerns that I have is that I'm not going to have enough money for retirement at the Capital Group we hear your biggest concern taxes in retirement taxes they're already bitless pretty good retirement in today's economy can be overwhelming most of my 41 K. Isn't a risk investment I'm concerned about that if you're worried about outliving your money the unpredictability of the stock market or risks associated with inflation college and capital group for a complementary plan review knowing how the bank is strategy is designed to provide opportunities for diversification and investment options in a low interest rate environment schedule a consultation at no cost. By calling 864 for 115864 for 1150 or visit let's see a gap dot com gap dot com securities offered through securities L.L.C. 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The synergy between a structured strategy and the integrated investment you're listening to bucket strategy investing. We are we're always saying you're listening you're watching Johnny Dean Professor Ridwan your other hour coming up next hour we will get into some of this guaranteed income stuff some more myths about a new of these things are important stuff that you need to know about a couple strategies for Journey assets and a guaranteed income is what I was going to get into it's not the hard hitting but it's the things that you need to know about with regard to a guaranteed income and making sure that you don't run out of money before you run out of time that's the whole deal and if I have time some common for one week came mistakes and if you can avoid those but of course your phone calls or e-mails come 1st 877 plan or the L A W N E R 877756637 next to where rot in San Francisco California Iran. Hi guys what's up I have a question I. Currently live in 2nd school but we have a vacation home that we've known since the 1990. Into the vacation home after retirement in September on the 16th we decided to go back to Africa and we're going to style our vacation home OK. And we have a game somewhere. You can have a little bit of again what did you pay for it back in 1990. Probably around 350000 over the years have you improved it added to it redone things oh yeah we had a garage and landscaping federal and that cost 800200000 bucks whatever the how much general much there was how much ballpark number. Cost Basis 450 OK And then what are you going to sell it for well that's a good question but I'm looking at maybe 600000 OK so you've got about 150000 worth of gain in the property when you look at that right 600000 price for 50 basis 150000 differences again is that correct so far so what they're going to do though is part of that gain is going to be attributable to the time that you lived in it because you lived in it for at least 24 months you moved into the temple September 16th you have to go there now you're still there now right. So as long as you've lived you live there until September. Then you will have lived in it for at least 24 months of the past 5 years and you will be able to qualify at least part of the gain for the primary residence exclusion how much what they're going to do is they're going to look at the number of months after 2008 that it was not your primary residence so basically 291-011-1213 extension 1415 What's that 7 years yes and they're going to divide that by the number of months that you've owned it and so you go all the way back to the 1990 S. You get you know what that 37 years and you've got now 28 years so that was 24 years of time so one quarter based on this very simple math one quarter of the gain will not be eligible to be excluded from the capital gains tax so $37501.00 quarter of $150.00 will show up as a taxable gain on your tax return the other amount of money will not show up $3.00 quarters of the gain can be excluded because it was your primary residence for 24 months of the last 16 months. OK that doesn't make sense what we're saying here what really what we're looking at is any non primary residence used time after 2008 so it's kind of good that you own it for STOL long but that helps and this is how lation helps the ratio meaning that the amount of the taxes you're going to 0 is is not as much as if you had bought it in say 2008. That there so those aren't exact numbers obviously and you still have to live in it through September to be able to get to the 24 months of primary residence even in an own it you know he's going to sell it before the end of the time so you have to 1st off qualify as primary residence that is have you lived in it for 24 of the last 60 months have you sold a property as a primary residence within the last 24 months of the sale of this one so as long as you can meet those things now we have a primary residence sale now we look at the exclusion how many months during your ownership period of time how many months was it not your primary residence after 2008 divided by the total number of ownership months and that gives you the percentage of the game that you cannot exclude so it will be roughly you'll pay capital gains taxes in this simple calculation on roughly $3738000.00 give or take right now I thought OK then yeah it's it should be should be fine so depending on what your income is I mean you know it could be part of it or all of that 15 percent of that $37000.00 and maybe 0 but some of it some I mean part of it may be 50 but some of it may be 0 so maybe higher but maybe 18.8 were you on the income scale ruefully. Where about the 22 percent OK so most likely you're going to be in the 15 maybe the 18.8 percent cost for the capital gain on that $37.00 you know that percentage of the game that has to be shown on the tax return right so might be No $3000.00 or. 4 plus roughly $6000.00 of taxes I was told there would be no math this would only get and yeah so the out of pocket for taxes on that sale might be roughly $6000.00 but heck if you can sell it for 600 and your cost basis is for 50 that's not bad you get to keep you know 144000 of the 150 give or take Yeah roughly I think going OK thank you for the Go Ron we didn't overwhelm him with math there it's an interesting thing 1st off do you even qualify for the primary residence inclusion have you lived in it and owned it. If you lived in it for at least 24 of the last 60 months have you owned it for 22 years yet have you sold another property and use the primary exclusion for primary residence exclusion within 24 months of the sale of this one you have to say no to that quote out of no. Now if you've got that qualified now it is has that always been your primary residence good now you decide who the whole in up to the 25500 limits if you say no it's been used in something other than my prior as events when now we have to go back and say Was it non primary residence after 2008 Yes OK Now we just do a probation you know how many months after 2008 before you moved into it was your not your primary residence Yeah and it was the saving factor as you mention is the fact that he's owned it yet long long time because that moves that denominator up which makes the number small Right I mean if you had only bought it in 2009 then it would have been 7 nights at the beginning of the game would you not be excluded OK We're out of time if you know we have 3 talked more about this if you need the brain trust off year 806441150 there's your number at Capital Group 8064 for 1150 I got we got more coming up market strategy and that's the. Information presented should not be considered specific tax legal or investment advice you should only seek counsel to be appropriated by surprise or to making any investment decision all investments are subject to risk including loss of principal the information presented in this material was gathered from sources believed to be reliable however its accuracy cannot be guaranteed no client or prospective client should assume that the information contained here in or any component thereof serves as the receipt for a substitute for personalized advice from Capital Group its investment advisor Representatives affiliates or any other investment professional Bricklin as a registered representative of an offer securities through securities L.L.C. a Registered broker dealer member. Advisory Service is offered through a capital group or registered investment advisor and it is.