What we might learn from Trump’s tax returns — if they’re released

Win McNamee | Getty ImagesPresident Donald Trump’s personal and corporate tax returns could give the public an inside look at his finances — depending on which forms are released. A federal judge on Monday dismissed Trump’s lawsuit to block the release of his tax returns to Manhattan District Attorney Cyrus Vance Jr. The DA is investigating the Trump Organization and had served a subpoena seeking eight years of tax returns. If those documents are made public, they could provide insight into the


Win McNamee | Getty ImagesPresident Donald Trump’s personal and corporate tax returns could give the public an inside look at his finances — depending on which forms are released. A federal judge on Monday dismissed Trump’s lawsuit to block the release of his tax returns to Manhattan District Attorney Cyrus Vance Jr. The DA is investigating the Trump Organization and had served a subpoena seeking eight years of tax returns. If those documents are made public, they could provide insight into the
What we might learn from Trump’s tax returns — if they’re released Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: darla mercado
Keywords: news, cnbc, companies, released, sources, returns, schedule, getty, including, form, trumps, theyre, trump, learn, income, property, estate, tax


What we might learn from Trump's tax returns — if they're released

President Donald Trump announced that the U.S. has issued new sanctions on Iran’s central bank at the “highest level” while speaking in the Oval Office on September 20, 2019 in Washington, DC. Win McNamee | Getty Images

President Donald Trump’s personal and corporate tax returns could give the public an inside look at his finances — depending on which forms are released. A federal judge on Monday dismissed Trump’s lawsuit to block the release of his tax returns to Manhattan District Attorney Cyrus Vance Jr. The DA is investigating the Trump Organization and had served a subpoena seeking eight years of tax returns. The U.S. Court of Appeals for the 2nd Circuit granted a temporary stay of enforcement of the subpoena, giving the president a reprieve. If those documents are made public, they could provide insight into the sources of Trump’s income — depending on which forms are released.

Just be warned, the tax forms themselves won’t tell you everything about a filer’s finances. Think of the Form 1040 as an important piece of the puzzle in a taxpayer’s financial condition. Combined with other documents, including a statement of net worth, it can provide a more complete picture of that person’s bottom line. “What you can see from the individual Form 1040 are the types and sources of income, including whether the taxpayer has capital gains or dividend income,” said Joshua D. Blank, professor of law at the University of California, Irvine. “What you can’t see is wealth,” he said. “We tax people based on annual income and not total wealth.”

Schedule A

Tomoji Hirakata | Getty Images

The first two pages of a Form 1040 are a summary of the taxable sources of income a filer is required to report. The attached schedules are what can shed light on the sources of income and the deductions a taxpayer takes. Deductions reduce taxable income based on your federal income tax bracket. Schedule A is the document taxpayers must fill out to calculate their itemized deductions, including any deductible medical expenses and state and local taxes paid. Take note: Starting in the 2018 tax year, the deduction for state and local taxes paid was capped at $10,000 for individual filers, so there’s a limit to the extent Trump — or anyone with a personal residence in a high-tax state like New York — could write off those property and income taxes. Keep a close eye on the “gifts to charity” portion of Schedule A. Donations that are more than $500 must be spelled out on Form 8283, the noncash charitable contribution form. Taxpayers must describe the donated property and provide a summary of its appraised fair market value, including art, real estate, cars and more.

Real estate income

A “For Rent”‘ sign is posted in front of a house in Richmond, California. Justin Sullivan | Getty Images

Whether your real estate empire is racking up losses or you’re getting income through a web of pass-through entities, Schedule E will have the details on residential, vacation and commercial property. Trump himself uses many limited liability companies to manage different aspects of his businesses. Line 3 spells out rents received for the property. “You can get an idea of business income, as you’d see that coming in through companies and pass-through entities, partnerships and LLCs,” said Jeffrey Levine, CPA and CEO of BluePrint Wealth Alliance. Keep a close eye on depreciation, which you can find on line 18. Depreciation is a tax deduction you can take each year to recover the cost of your real estate as you use it.

While Schedule E might share the name of a pass-through entity that’s providing income to the taxpayer, it may be difficult to learn the details of who ultimately owns it, said Christy Bastian, CPA and president of FVL Consultants. “You can sometimes follow through and trace entities,” Bastian said. “You’re looking for clues, but it doesn’t mean that every return will have it.” Similarly, members of a partnership aren’t always easy to identify, Blank said.

Small business

Interest and capital gains

ericsphotography | E+ | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: darla mercado
Keywords: news, cnbc, companies, released, sources, returns, schedule, getty, including, form, trumps, theyre, trump, learn, income, property, estate, tax


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UK house prices grow at slowest rate in six years, survey says

House prices in the United Kingdom are rising at their slowest rate in six-and-a-half years, according to a well-watched barometer of the property market. On a month-to-month basis, September prices fell by 0.4% from August to reach an average value across the U.K. of £232,574 ($286,209). Galley said that the bank expected property prices in Britain and Northern Ireland to remain sluggish as long as “the current period of economic uncertainty persists.” The Halifax figures painted a bleaker pict


House prices in the United Kingdom are rising at their slowest rate in six-and-a-half years, according to a well-watched barometer of the property market. On a month-to-month basis, September prices fell by 0.4% from August to reach an average value across the U.K. of £232,574 ($286,209). Galley said that the bank expected property prices in Britain and Northern Ireland to remain sluggish as long as “the current period of economic uncertainty persists.” The Halifax figures painted a bleaker pict
UK house prices grow at slowest rate in six years, survey says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: david reid
Keywords: news, cnbc, companies, property, manufacturing, slowest, halifax, prices, grow, months, rate, house, price, survey, index, pmi


UK house prices grow at slowest rate in six years, survey says

House prices in the United Kingdom are rising at their slowest rate in six-and-a-half years, according to a well-watched barometer of the property market.

The Halifax House Price Index, which is owned and collated by IHS Markit, revealed Monday that house prices in September were just 1.1% higher than in the same month a year earlier

“Whilst this is the lowest level of growth since April 2013, it remains in keeping with the predominantly flat trend we’ve seen in recent months,” said Halifax’s Managing Director Russel Galley in a press release.

On a month-to-month basis, September prices fell by 0.4% from August to reach an average value across the U.K. of £232,574 ($286,209). A Reuters poll of economists had forecast a +0.1% rise.

Galley said that the bank expected property prices in Britain and Northern Ireland to remain sluggish as long as “the current period of economic uncertainty persists.”

The Halifax figures painted a bleaker picture than a rival survey from Nationwide last week which suggested house price growth was only at an eight-month low.

The wider U.K. economy is at risk of slipping into a technical recession where gross domestic product (GDP) contracts for two consecutive quarters. Manufacturing and services data is suggesting that U.K. economy did shrink in the three months to September, following a confirmed 0.2% contraction in the April-to-June period.

The Purchasing Managers’ Index (PMI) is a measure of economic health for the manufacturing and service sectors. September’s composite PMI sank to 48.8 where anything below 50 marks a contraction.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: david reid
Keywords: news, cnbc, companies, property, manufacturing, slowest, halifax, prices, grow, months, rate, house, price, survey, index, pmi


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US small businesses are fighting an uphill battle against counterfeiters in China: ‘It’s like whack-a-mole’

Intellectual property theft is a pervasive issue in China and a central bone of contention in the U.S.-China trade war. The domestic legal framework is adequate in China, Rocafort said, and Beijing is a signatory to several international agreements on intellectual property. Despite the challenges, Rocafort said American businesses can have success protecting their intellectual property by working within the Chinese system. Brons said she’s spent at least $100,000 fighting counterfeiters in China


Intellectual property theft is a pervasive issue in China and a central bone of contention in the U.S.-China trade war. The domestic legal framework is adequate in China, Rocafort said, and Beijing is a signatory to several international agreements on intellectual property. Despite the challenges, Rocafort said American businesses can have success protecting their intellectual property by working within the Chinese system. Brons said she’s spent at least $100,000 fighting counterfeiters in China
US small businesses are fighting an uphill battle against counterfeiters in China: ‘It’s like whack-a-mole’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-06  Authors: spencer kimball
Keywords: news, cnbc, companies, small, fighting, business, rocafort, brons, problem, battle, intellectual, trade, counterfeiters, uphill, businesses, products, counterfeit, property, whackamole, china


US small businesses are fighting an uphill battle against counterfeiters in China: 'It's like whack-a-mole'

A violin student holding a Bow Hold Buddy device invented by Ruth Brons. Source: Things 4 Strings

When Ruth Brons has a break between teaching her students in New Jersey how to play the violin, she’s trying to find new ways to defend her small business against counterfeiters thousands of miles away in China. Brons, 60, became an entrepreneur a decade ago when she invented an accessory that helps students hold the violin bow correctly. It can takes years of painstaking lessons to learn the right technique. Brons said that with her invention, students can hold the bow correctly from their first lesson. Trademarked as Bow Hold Buddies, she patented her invention in the U.S., Canada, Mexico, Europe and Australia. But as her business grew, Brons realized she needed to crack the Chinese market, where interest in Western classical music is exploding. “China is where it’s happening,” Brons said. “There’s a rising middle class and every parent wants their child to learn a Western classical musical instrument to elevate them in society.”

When Brons hired an agent in 2013 to distribute her product from Beijing, they discovered there was indeed a demand in China – the problem is that they weren’t the ones supplying it.

‘It’s like whack-a-mole’

Brons and her agent Jerrie Zhao found counterfeit versions of her product already for sale on the e-commerce site Taobao. They discovered that two factories – one in the major port city of Ningbo and the other in Hengshui – were manufacturing the knockoffs, Zhao said. The counterfeits were being sold at a fraction of Brons’ price. Even worse, the patent Brons paid about $100,000 for in the U.S. had been copied. Counterfeiters had translated all 32 claims of her patent into Mandarin and registered it in China, she said. Intellectual property theft is a pervasive issue in China and a central bone of contention in the U.S.-China trade war. In 2018, 87% of all counterfeit products seized at U.S. ports came from mainland China or Hong Kong, according to U.S. Customs and Border Protection’s Office of Trade. It’s not just a problem for the U.S. Eighty percent of all counterfeit products seized worldwide originated in China, according to the Organization for Economic Cooperation and Development. While the discussion about protecting intellectual properly has largely focused on big tech companies, small-business owners like Brons are fighting an uphill battle with limited resources to protect their patents and trademarks – the core of their business – in China’s legal system. Brons, through her legal representation, went to court twice in China to have the copied patents invalidated, a process that she said took years. It has cost her business tens of thousands of dollars to invalidate the patents and get listings of fake products taken down from Taobao, Brons said, but new counterfeit products keep surfacing. “You take down one and another pops up,” Brons said. “It’s like whack-a-mole.” She says the annual revenue of her business, Things 4 Strings, has plateaued at around $320,000 because the fakes are hampering growth in China, which should be her most important market. And as the legal bills pile up, she has less money to invest in her business on important expenditures like advertising. “I’m to the point where I need to write my senator,” Brons said. “The legal avenues to get the knockoffs seems to be a coffer raider without a whole lot of results.” The counterfeit products also surface on U.S. e-commerce sites like Amazon and eBay, Brons said. In April, The Trump administration warned Alibaba, Amazon, eBay and other e-commerce sites that the U.S. government would pursue a regulatory crackdown if the sites did not do more to fight the sale of counterfeit products. All three sites said they were committed to working with the U.S. government to combat fake products.

Lax enforcement

The problem with intellectual property theft in China is not due to a lack of legislation, according to Fred Rocafort, a former U.S. diplomat who has worked on IP issues in Asia for more than a decade. The domestic legal framework is adequate in China, Rocafort said, and Beijing is a signatory to several international agreements on intellectual property.

“The problem emerges when you start looking at the enforcement, which takes place at the more local levels than at the national level,” said Rocafort, now an attorney at the international law firm Harris Bricken. “There’s a corresponding loss of enthusiasm for enforcement as you move down the chain.”

Combine the lax enforcement with the fact that China is the world’s manufacturing powerhouse, and the result is a pervasive problem with counterfeiting and intellectual property theft. Despite the challenges, Rocafort said American businesses can have success protecting their intellectual property by working within the Chinese system.

First and foremost, you have to register your intellectual property in China to have any chance of protecting it there, Rocafort said. This is where Brons’ problem started. She decided against patenting her invention in China when she was starting her business. At the time, she didn’t see the point. China seemed far away and she had heard the courts didn’t really enforce U.S. intellectual property anyway. Brons expressed regret about her decision, but she said getting a patent in China was just too expensive for her at the time.

“I could not have afforded it,” she said. “I’m just a violin teacher.”

But the costs associated with not registering your intellectual property are also steep. Brons said she’s spent at least $100,000 fighting counterfeiters in China, a substantial some of money for her small, family owned business. She has since registered copyright protection in China to cover the design of her product, after hearing that Beijing was doing a better job of enforcing intellectual property rights. China has indeed instituted reforms in recent years as Chinese President Xi Jinping has made public commitments to strengthening intellectual property protection, but the U.S. has said implementation has not been sufficient. Washington and Beijing were reportedly making progress on the issue before trade talks collapsed in May and the trade war escalated with several new rounds of tariff increases. The U.S. accused China of backtracking on its commitments, which reportedly included strengthening its laws to protect intellectual property. Beijing denied that accusation.

U.S. and Chinese trade negotiators are set to meet this month in Washington, D.C., for another round of talks.

“A lot China’s push to improve its IP enforcement is a result of outside pressure,” Rocafort said. “Frankly, left to their own devices there would probably not be a lot of progress in terms of strengthening enforcement.”

‘This is like paying taxes’


Company: cnbc, Activity: cnbc, Date: 2019-10-06  Authors: spencer kimball
Keywords: news, cnbc, companies, small, fighting, business, rocafort, brons, problem, battle, intellectual, trade, counterfeiters, uphill, businesses, products, counterfeit, property, whackamole, china


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Twitter, TweetDeck suffer global outage, thousands hit

The biggest mall owner in the US is going onlineThe biggest mall owner in the U.S., Simon Property Group, is teaming up with online shopping company Rue La La’s owner to launch a new kind of website. Simon has been testing…Retailread more


The biggest mall owner in the US is going onlineThe biggest mall owner in the U.S., Simon Property Group, is teaming up with online shopping company Rue La La’s owner to launch a new kind of website. Simon has been testing…Retailread more
Twitter, TweetDeck suffer global outage, thousands hit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-02
Keywords: news, cnbc, companies, simon, website, testingretailread, outage, biggest, global, property, tweetdeck, hit, teaming, thousands, suffer, twitter, owner, rue, shopping, mall


Twitter, TweetDeck suffer global outage, thousands hit

The biggest mall owner in the US is going online

The biggest mall owner in the U.S., Simon Property Group, is teaming up with online shopping company Rue La La’s owner to launch a new kind of website. Simon has been testing…

Retail

read more


Company: cnbc, Activity: cnbc, Date: 2019-10-02
Keywords: news, cnbc, companies, simon, website, testingretailread, outage, biggest, global, property, tweetdeck, hit, teaming, thousands, suffer, twitter, owner, rue, shopping, mall


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WeWork property defaults may be next after failed IPO, says mega-developer Don Peebles

WeWork could default on some of its real estate obligations as it struggles to raise fresh funding following the office-sharing firm’s failed initial public offering, mega-developer Don Peebles told CNBC on Tuesday. Peebles, the CEO of privately held real estate firm Peebles Corporation, said, “Anyone looking at a building that has got significant WeWork occupancy has got to be very concerned.” “I think some defaults by WeWork are coming down the line,” Peebles said on “The Exchange.” The compan


WeWork could default on some of its real estate obligations as it struggles to raise fresh funding following the office-sharing firm’s failed initial public offering, mega-developer Don Peebles told CNBC on Tuesday. Peebles, the CEO of privately held real estate firm Peebles Corporation, said, “Anyone looking at a building that has got significant WeWork occupancy has got to be very concerned.” “I think some defaults by WeWork are coming down the line,” Peebles said on “The Exchange.” The compan
WeWork property defaults may be next after failed IPO, says mega-developer Don Peebles Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, ipo, defaults, significant, public, megadeveloper, property, announced, estate, business, failed, company, don, peebles, wework, real


WeWork property defaults may be next after failed IPO, says mega-developer Don Peebles

WeWork could default on some of its real estate obligations as it struggles to raise fresh funding following the office-sharing firm’s failed initial public offering, mega-developer Don Peebles told CNBC on Tuesday.

Peebles, the CEO of privately held real estate firm Peebles Corporation, said, “Anyone looking at a building that has got significant WeWork occupancy has got to be very concerned.”

“I think some defaults by WeWork are coming down the line,” Peebles said on “The Exchange.”

Peebles said that buildings in which WeWork is listed as a tenant are going to be penalized in their capitalization rate, a measure by which real estate investments are assessed for their profitability, when they go to market.

WeWork’s business involves taking on long-term leases and then renting out the spaces to start-ups, freelancers and enterprises for the short term. The company makes money over time as companies and individuals pay their rent or membership.

The start-up announced its intent to go public on Aug. 14, revealing massive losses and a confusing corporate structure. Since then, the IPO for WeWork’s parent company, The We Co., has been hanging in the balance, as it delayed its investor roadshow amid weak demand and a dwindling IPO valuation.

The company announced Monday it would withdraw its S-1 filing amid the turmoil.

It’s possible that WeWork will see a “significant pullback” in access to any kind of capital, Peebles said, adding it will likely need to give back property to stay in business. “I’m not sure lenders would see them as a significant investment opportunity anymore.”

— CNBC’s Annie Palmer contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, ipo, defaults, significant, public, megadeveloper, property, announced, estate, business, failed, company, don, peebles, wework, real


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US-China trade ‘brinkmanship’ has been unnerving to watch, Fed’s Charles Evans says

The U.S. wants China to change its policies on intellectual property, industrial subsidies, market access and forced technology transfers. However, China has denied that is trade practices are unfair and has retaliated with its own levies on U.S. goods. Evans told CNBC’s Annette Weisbach in Frankfurt that the U.S. administration is looking to make big adjustments in trade and intellectual property rights for people doing business in China. “Those are very difficult issues. If they make progress


The U.S. wants China to change its policies on intellectual property, industrial subsidies, market access and forced technology transfers. However, China has denied that is trade practices are unfair and has retaliated with its own levies on U.S. goods. Evans told CNBC’s Annette Weisbach in Frankfurt that the U.S. administration is looking to make big adjustments in trade and intellectual property rights for people doing business in China. “Those are very difficult issues. If they make progress
US-China trade ‘brinkmanship’ has been unnerving to watch, Fed’s Charles Evans says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: silvia amaro
Keywords: news, cnbc, companies, told, evans, unnerving, brinkmanship, positive, watch, charles, property, feds, extremely, trade, china, intellectual, uschina, difficult, worth, issues


US-China trade 'brinkmanship' has been unnerving to watch, Fed's Charles Evans says

China and the United States are trying to resolve “very difficult issues” with their current trade negotiations but any deal could be extremely positive for the economic outlook, Charles Evans, president and chief executive officer of the Federal Reserve Bank of Chicago, told CNBC Monday.

Washington and Beijing have been locked in a trade conflict for nearly two years with tariffs being placed on billions of dollars’ worth of each other’s goods. The U.S. wants China to change its policies on intellectual property, industrial subsidies, market access and forced technology transfers. However, China has denied that is trade practices are unfair and has retaliated with its own levies on U.S. goods.

Evans told CNBC’s Annette Weisbach in Frankfurt that the U.S. administration is looking to make big adjustments in trade and intellectual property rights for people doing business in China.

“Those are very difficult issues. If they make progress on that then that would be extremely positive, but they are using brinkmanship style and so it has been unnerving,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: silvia amaro
Keywords: news, cnbc, companies, told, evans, unnerving, brinkmanship, positive, watch, charles, property, feds, extremely, trade, china, intellectual, uschina, difficult, worth, issues


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It now costs $350,000 a year to live a middle-class lifestyle in a big city—here’s a sad breakdown of why

Living a middle-class lifestyle on $350,000 a yearBelow is an example budget of a dual-income household with two kids. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs. A married couple can earn up to $321,451 and pay a 24% marginal federal income tax rate. Any dollar after $321,451 is taxed 8% high


Living a middle-class lifestyle on $350,000 a yearBelow is an example budget of a dual-income household with two kids. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs. A married couple can earn up to $321,451 and pay a 24% marginal federal income tax rate. Any dollar after $321,451 is taxed 8% high
It now costs $350,000 a year to live a middle-class lifestyle in a big city—here’s a sad breakdown of why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: sam dogen
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It now costs $350,000 a year to live a middle-class lifestyle in a big city—here's a sad breakdown of why

Who makes $350,000 a year?

Living a middle-class lifestyle on $350,000 a year

Below is an example budget of a dual-income household with two kids. The budget has been vetted by thousands of readers on my personal finance website, Financial Samurai, who also raise families in expensive cities like San Francisco, Los Angeles, New York, Boston and Washington, D.C.

Gross income review

In order to make $350,000 a year, both parents must be working. In this example, each parent puts away $19,000 in their respective 401(k)s for a combined $38,000 a year. After getting their standard $24,000 deduction, they pay $92,160 in total taxes and are left with $221,840. Because this couple earns less than $400,000, they can receive a tax credit of $2,000 per child. Since they have two children, they get a $4,000 credit.

Expenses review

Childcare: $2,450 per month. There’s no getting around this expense when both parents are working. Their childcare center costs $2,200 a month for full-time care. The couple then spends an extra $250 a month for some babysitting help.

There’s no getting around this expense when both parents are working. Their childcare center costs $2,200 a month for full-time care. The couple then spends an extra $250 a month for some babysitting help. Preschool: $2,000 per month. The second child goes to preschool full-time. The $2,000 per month does not include the suggested $3,000 per child donation the school asks each year to help fund new construction. The parents’ ultimate plan is to send both children to private grade school, which costs about $35,000 from K-8 and about $45,000 from 9-12.

The second child goes to preschool full-time. The $2,000 per month does not include the suggested $3,000 per child donation the school asks each year to help fund new construction. The parents’ ultimate plan is to send both children to private grade school, which costs about $35,000 from K-8 and about $45,000 from 9-12. Food: $2,129 per month. It makes little sense to spend hours cooking when you’re already tired and want to reserve your remaining energy for taking care of your kids. The budget includes expenses like groceries, eating out and food delivery.

It makes little sense to spend hours cooking when you’re already tired and want to reserve your remaining energy for taking care of your kids. The budget includes expenses like groceries, eating out and food delivery. Mortgage: $3,900 per month. This amount isn’t bad for a $900,000 mortgage with a 3.25% interest rate; $2,000 out of the $3,900 goes toward paying down principal and building net worth. Therefore, this couple is adding $24,000 a year in forced savings to their annual 401(k) savings.

(Their $1.8 million assessed house is a standard 2,200 square feet, four-bedroom, three-bathroom home on a 3,000 square foot lot. But it’s nothing fancy since the median price for a single-family home is $1.7 million in San Francisco. To give you an idea of how little you actually get for a $1.85 million home, below is an example of a typical home in that price range in Golden Gate Heights, one of San Francisco’s best-kept secret neighborhoods. As you can see, it’s a standard middle-class house — granted, with panoramic ocean views — and only has 1,288 square feet of living space, two bedrooms and one bathroom.) Property tax: $1,860 per month. The $10,000 SALT deduction cap for individuals and married couples hurts homeowners in expensive real estate markets. The annual property tax on a $1.8 million assessed house alone is roughly $22,320. On top of that, the couple is also paying about $25,000 in state income taxes. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs.

The $10,000 SALT deduction cap for individuals and married couples hurts homeowners in expensive real estate markets. The annual property tax on a $1.8 million assessed house alone is roughly $22,320. On top of that, the couple is also paying about $25,000 in state income taxes. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs. Vacation: $7,800 per year. Three weeks of vacation a year is reasonable for the typical American household. After tax, four round-trip tickets to Hawaii will cost a family about $2,000. Then budget lodging for a week will cost at least another $1,400. There’s also food and activities to pay for. (No wonder why “staycations” are becoming more common for financially stretched households.)

Three weeks of vacation a year is reasonable for the typical American household. After tax, four round-trip tickets to Hawaii will cost a family about $2,000. Then budget lodging for a week will cost at least another $1,400. There’s also food and activities to pay for. (No wonder why “staycations” are becoming more common for financially stretched households.) Car payment: $380 per month. When you have little ones, all you want to do is protect them from harm. Even if you consider yourself a good driver, one distracted driver reading a text message could cause a serious accident. No longer do you feel comfortable driving a compact city car while transporting your family. Instead, you want a vehicle with the highest safety rating. Baby/toddler things: $380 per month. You can spend as little or as much as you want on your baby. But this family buys disposable (not washable) diapers, tons of baby-proofing material, lots of educational toys, the best car seats and two strollers.

You can spend as little or as much as you want on your baby. But this family buys disposable (not washable) diapers, tons of baby-proofing material, lots of educational toys, the best car seats and two strollers. Entertainment: $500 per month. Date night can easily cost $200 per outing for two once you include tickets to a ball game or an Off-Broadway show and transportation. Entertainment costs also include sporting equipment, memberships, Netflix, cable, internet and more. College savings: $1,000 per month. According to the College Board, the average cost of tuition and fees for the 2018-2019 school year was $10,230 for state residents at public colleges and $26,290 for out-of-state students. The average private school tuition is over $35,000. In 16 to 18 years, tuition will likely be double today’s averages.

Final cash flow review

The end result is annual cash flow of only $1,456, which could get spent in a hurry, as unexpected situations will likely pop up. Despite such little cash flow, this household is building roughly $63,000 in liquid net worth each year by paying down their mortgage and contributing to their employer-sponsored retirement accounts.

We all deserve to live a middle-class lifestyle. Unfortunately, we’ve first got to sacrifice more than ever to get there today.

Unfortunately, despite making $350,000 a year, this couple will be unable to retire before 60 because they aren’t building an after-tax investment portfolio to generate passive income. They can’t withdraw from their 401(k)s before age 59½ without a 10% early distribution penalty, nor can they rent out their home for income, given it’s their primary residence. In order for this couple to achieve financial independence, they need to accumulate a net worth equal to at least 25 times their annual expenses — or 20 times their annual gross income. In other words, they need to amass a net worth of between $5.5 million to $7 million if their income and expenses remain unchanged. That’s tough to do with so little in savings per year.

Recommendations for a better life

If you’re one of the many families struggling to get ahead in an expensive city on a high salary, here are five suggestions: 1. Limit your household income up to $321,451 after all deductions. A married couple can earn up to $321,451 and pay a 24% marginal federal income tax rate. Any dollar after $321,451 is taxed 8% higher at a 32% marginal federal income tax rate. If you’re feeling overly stressed at work and want to spend more time with your children, consider working less if you’re making more than the 24% marginal tax bracket income threshold. Not only might your stress decline, you’ll be able to reduce childcare expenses. 2. Stop wanting a middle-class lifestyle. It’s worth sacrificing your lifestyle in the short term for long-term gain. By renting a more modest home for $4,000 a month, this family will free up $27,000 a year in cash flow. By sending their oldest to public elementary school, this family will gain another $24,000 a year in cash flow. An additional $51,000 a year in cash flow is huge when coupled with $38,000 a year in 401(k) contributions. This couple could also limit their vacations to more local destinations, and cut back on meal spending by doing more bulk cooking and focusing on simple foods. 3. Build an after-tax investment portfolio. Earning passive investment income is the key to financial freedom. Using conventional rules, you can’t live off your 401(k) or IRA until the age of 59½. (Here’s my ranking of the best passive income investments today, so you can retire sooner rather than later.) 4. Move somewhere else. Once you’ve accumulated enough capital, consider relocating to a lower-cost area. Thanks to technology, there’s a multi-decade demographic trend towards living in the heartland, where property prices and rents are much cheaper. 5. Know your finances inside out. The people who end up with financial problems are typically the ones who don’t stay on top of their finances each week. Ten years later, they finally wake up and wonder where all their money went. In the past, an Excel spreadsheet was fine. Now, there are plenty of free financial tools out there to use to not only track your finances, but x-ray your investment portfolios for excessive fees and help keep you on track to reaching your retirement goals.

The sad truth


Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: sam dogen
Keywords: news, cnbc, companies, cityheres, tax, property, school, couple, middleclass, live, income, million, 350000, lifestyle, breakdown, family, big, sad, little, costs, month


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Alex Rodriguez sells Hollywood Hills home (at a loss) for $4.4 million

Former New York Yankee Alex Rodriguez has sold his Hollywood Hills home for $4.4 million, according to the Los Angeles Times. He parted with the property at a slight loss, as he purchased the home five years ago from Meryl Streep for $4.8 million. Rodriguez initially listed the property for $6.5 million in November 2018 before dropping the price to $5.25 million in March, according to Realtor.com. Originally built in 1954, the home — which is known in the real-estate community as the Honnold and


Former New York Yankee Alex Rodriguez has sold his Hollywood Hills home for $4.4 million, according to the Los Angeles Times. He parted with the property at a slight loss, as he purchased the home five years ago from Meryl Streep for $4.8 million. Rodriguez initially listed the property for $6.5 million in November 2018 before dropping the price to $5.25 million in March, according to Realtor.com. Originally built in 1954, the home — which is known in the real-estate community as the Honnold and
Alex Rodriguez sells Hollywood Hills home (at a loss) for $4.4 million Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: taylor locke
Keywords: news, cnbc, companies, hollywood, square, million, alex, according, rodriguez, sells, hills, york, streep, threeandahalf, property, loss, updated, times, yankee


Alex Rodriguez sells Hollywood Hills home (at a loss) for $4.4 million

Former New York Yankee Alex Rodriguez has sold his Hollywood Hills home for $4.4 million, according to the Los Angeles Times. He parted with the property at a slight loss, as he purchased the home five years ago from Meryl Streep for $4.8 million.

Rodriguez initially listed the property for $6.5 million in November 2018 before dropping the price to $5.25 million in March, according to Realtor.com.

Originally built in 1954, the home — which is known in the real-estate community as the Honnold and Rex Architectural Research house — was updated and renovated. The four bedroom, three-and-a-half bathroom home spans about 3,700 square feet.

Take a look inside with this embedded Instagram gallery below.


Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: taylor locke
Keywords: news, cnbc, companies, hollywood, square, million, alex, according, rodriguez, sells, hills, york, streep, threeandahalf, property, loss, updated, times, yankee


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Reese Witherspoon bought this Malibu farmhouse for $6.25 million—take a look inside

Actress Reese Witherspoon has added another property to her real estate portfolio. The “Big Little Lies” star bought a remodeled 1949 farmhouse in Malibu, California for $6.25 million, according to Variety. The two-acre estate, called Zuma Farms, is nestled in the foothills above Malibu’s Zuma Beach. (A spokesperson for Scott Yancey confirmed the news to CNBC Make It.) Take a look inside her Malibu farmhouse.


Actress Reese Witherspoon has added another property to her real estate portfolio. The “Big Little Lies” star bought a remodeled 1949 farmhouse in Malibu, California for $6.25 million, according to Variety. The two-acre estate, called Zuma Farms, is nestled in the foothills above Malibu’s Zuma Beach. (A spokesperson for Scott Yancey confirmed the news to CNBC Make It.) Take a look inside her Malibu farmhouse.
Reese Witherspoon bought this Malibu farmhouse for $6.25 million—take a look inside Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: jade scipioni
Keywords: news, cnbc, companies, look, yancey, 625, million, malibu, house, scott, inside, estate, zuma, farmhouse, bought, reese, witherspoon, property, milliontake


Reese Witherspoon bought this Malibu farmhouse for $6.25 million—take a look inside

Actress Reese Witherspoon has added another property to her real estate portfolio. The “Big Little Lies” star bought a remodeled 1949 farmhouse in Malibu, California for $6.25 million, according to Variety.

The two-acre estate, called Zuma Farms, is nestled in the foothills above Malibu’s Zuma Beach. It includes a main house, a guest house, a horse stable and multiple outbuildings.

The compound, which Witherspoon reportedly bought in late June, was designed and previously owned by Scott and Amie Yancey of A&E’s “Flipping Las Vegas,” who used the property as a wedding venue. (A spokesperson for Scott Yancey confirmed the news to CNBC Make It.)

While Witherspoon’s primary residence is a $12.7 million mansion in Pacific Palisades in Los Angeles, the Oscar winner also owns several homes in Nashville and one in the Bahamas, according to Variety.

Take a look inside her Malibu farmhouse.

The private-gated estate features a modernized 1949 farmhouse that is surrounded by dozens of 1,500-year-old sycamores that add even more privacy.

The interior inside was designed with a mid-century modern feel.


Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: jade scipioni
Keywords: news, cnbc, companies, look, yancey, 625, million, malibu, house, scott, inside, estate, zuma, farmhouse, bought, reese, witherspoon, property, milliontake


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China’s Anbang is said to plan sale of entire $2.4 billion Japanese property portfolio

CBS and Viacom have finally agreed to merge — here’s what they…CBS and Viacom finally have agreed to a merger, but the combined company still wants to get bigger. There might be several options for Shari Redstone, including Discovery,…Technologyread more


CBS and Viacom have finally agreed to merge — here’s what they…CBS and Viacom finally have agreed to a merger, but the combined company still wants to get bigger. There might be several options for Shari Redstone, including Discovery,…Technologyread more
China’s Anbang is said to plan sale of entire $2.4 billion Japanese property portfolio Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14
Keywords: news, cnbc, companies, billion, property, sale, plan, viacom, entire, anbang, finally, wants, shari, merge, chinas, theycbs, portfolio, options, agreed, 24, japanese, redstone, merger


China's Anbang is said to plan sale of entire $2.4 billion Japanese property portfolio

CBS and Viacom have finally agreed to merge — here’s what they…

CBS and Viacom finally have agreed to a merger, but the combined company still wants to get bigger. There might be several options for Shari Redstone, including Discovery,…

Technology

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Company: cnbc, Activity: cnbc, Date: 2019-08-14
Keywords: news, cnbc, companies, billion, property, sale, plan, viacom, entire, anbang, finally, wants, shari, merge, chinas, theycbs, portfolio, options, agreed, 24, japanese, redstone, merger


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