Professional Courtesy Among Ledgies

[John Run]

Originally Posted by strandinthewind

LOL - I have seen that too. I did it awhile back for a variety of reasons and I actually made money because the market of the fund dropped by more than half, which was way more than the penalty and tax charged against my withdrawal. But, that was soooooo luck of the draw.

Also, thanks for the info.

BTW - how long do you think it will be until Congress gets rid of the $250,000 cap. gains exemption on the sale of a personalk res. after two years. I am betting that is coming soon.

I have seen that happen too. Would not count on it though. Saw it happen to a poor guy who was 52 and it was a massive setback.

BTW...I am not a licensed financial advisor. I am a Tax Attorney. I spend most my time trying to shelter income earned by Entertainers and Athletes within states and cities sheltered from state and city income taxes. Example if a New York Yankees ball player plays a game in Fenway Park then he faces Massachusetts income taxes for income earned in Massachussetts even though he is not a resident and his employer is not a Massachusetts employer. Also many cities have local taxes along the same lines. It is called the jock tax and it applies to entertainers' earnings as well. If you get technical it applies to the travelling ball boy as well.