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Thread: Real Estate Crash thread
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01-26-2022, 09:50 AM #19576
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01-26-2022, 10:07 AM #19577
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01-26-2022, 10:10 AM #19578
^^^ Holy fuck, a blind squirrel found an acorn. Great idea.
I have been in this State for 30 years and I am willing to admit that I am part of the problem.
"Happiest years of my life were earning < $8.00 and hour, collecting unemployment every spring and fall, no car, no debt and no responsibilities. 1984-1990 Park City UT"
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01-26-2022, 10:23 AM #19579Registered User
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Here's an article about what would happen if CO started assessing STRs as commercial and taxing them:
https://coloradosun.com/2021/10/14/s...bill-colorado/
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01-26-2022, 10:25 AM #19580Registered User
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01-26-2022, 10:28 AM #19581
^ That seems fair, You want to turn your home into a motel then pay the same taxes as the local inn.
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01-26-2022, 10:29 AM #19582
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01-26-2022, 10:42 AM #19583Registered User
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You guys like the sound of the banks calling the notes on thousands of homes because overnight they are classified as commercial? I doubt that would have any unintended negative consequences.
Or stay anywhere other than your home for less than $750 a night?
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01-26-2022, 10:47 AM #19584
And turning residences into businesses as short term rentals hasn't caused any issues anywhere. Especially not Colorado.
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01-26-2022, 10:48 AM #19585
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01-26-2022, 10:50 AM #19586Registered User
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01-26-2022, 10:55 AM #19587Registered User
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01-26-2022, 10:57 AM #19588
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01-26-2022, 11:02 AM #19589
Real Estate Crash thread
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Last edited by Self Jupiter; 01-26-2022 at 11:24 AM. Reason: shitpost
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01-26-2022, 11:02 AM #19590
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01-26-2022, 11:07 AM #19591
Any tourist-based economy that isn’t rolling in tax dollars is doing it wrong.
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01-26-2022, 11:13 AM #19592Registered User
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01-26-2022, 11:20 AM #19593
I wouldn't recommend simply switching it one day. Phase it in over a few years so that people that have *commercially* purchased property can decide how they want to handle the new rules.
Or stay anywhere other than your home for less than $750 a night?
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01-26-2022, 11:23 AM #19594
Employees are already supposed to be taxed in the state in which they perform the work unless its a temporary situation (like a business trip). If you become a remote worker from NYC in summit county you are required to inform your employer, get approval from them, and have withholding and unemployment taxes withheld from that state and ultimately honestly file in each state the money earned or the % of the year you were a resident. There are rules for defining "primary residence" in each state.
Reason you are to get approval is that your employer may not have legal tax authority to have employees in that state...but its not hard to get. Some employers however do not wish to do this.
Sure employees cheat this system all the time...but thats on the employee. If you know of someone you CAN report them to that states IRS office anonymously and even collect money that is collected from them in the end.
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01-26-2022, 11:27 AM #19595Registered User
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01-26-2022, 11:30 AM #19596
A lot of this works in Vermont.
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01-26-2022, 11:35 AM #19597
+1. It's really easy to get a state employer identification number (it took 1-2 days in OR and ID for my company during the pandemic) and most modern payroll systems can easily be adjusted to allow for a worker in a new state so long as you have the state employer ID for tax purposes.
Conundrum made a good point a few pages back that employers don't pay corporate taxes in the states where employees work remote, but I've never worked for a private company whose highest level legal entity was based in the state where the corporate HQ was. Every company was based (on paper) in Delaware or Nevada or some other low corporate tax state.
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01-26-2022, 11:41 AM #19598Registered User
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You guys just want to tax the shit out of everything don’t ya. And you really think that the benefit to society will be greater if you do and you’ll not see any of the consequences. “Yeah tax that guy out of business!” “Tax that guy because he ain’t from here!” Where does it stop? What are the consequences? It certainly is t black and white.
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01-26-2022, 11:43 AM #19599
Lets not focus only on the "EVIL GREEDY CORPORATIONS"....two play at that game:
I know of a person who works for a company in OREGON (10-13% tax rate), lives in CA full time as a covid WFH (similar tax rate) and owns property in WA and have listed their "primary residence" as WA with their employers and pay 0% state taxes and even haven't been to their WA place in well over a year or more.
This will all end soon as they are called back to work on site....but still...and I not naive to be convinced that this is a one-off.
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01-26-2022, 11:44 AM #19600
Taxing as commercial should be per diem for STR, not for owner occupied or LTR days.
ie, if I rent my primary residence out 2 weeks a year while I'm on vacation, then I pay 4% commercial and 96% residential rates.
If some owner STRs half the year and LTRs for 6 months in the summer, then 50/50.Originally Posted by blurred
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