CelticsStrong

Other Discussions => Off Topic => Topic started by: stb on December 19, 2017, 08:57:33 AM

Title: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: stb on December 19, 2017, 08:57:33 AM
Texas Rangers pitcher Cole Hamels donates his $9.75million Missouri mansion complete with 100 acres of land to a camp for children with special needs and chronic illnesses

http://www.dailymail.co.uk/news/article-5193349/Texas-Rangers-Cole-Hamels-gives-mansion-charity.html
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: Moranis on December 19, 2017, 10:34:14 AM
saw that yesterday.  good on him and his wife.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: KGs Knee on December 19, 2017, 11:08:43 AM
I wish more rich people would share more of their wealth voluntarily.

Good for Cole.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: kozlodoev on December 19, 2017, 11:25:34 AM
So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: green_bballers13 on December 19, 2017, 11:34:23 AM
So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

Why does any of that matter? The end result is that he's helping humanity.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: jambr380 on December 19, 2017, 11:37:33 AM
So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

I am no accounting expert, but I can't imagine a tax write-off would be more than the actual value of the house.

It's really cool that Camels did this and I agree that it is always admirable when people of means are able to help those in need.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: kozlodoev on December 19, 2017, 11:38:47 AM
So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

Why does any of that matter? The end result is that he's helping humanity.
Because everyone is rounding up here to sing him praises for something he ultimately may have done in his best interest?

It also seems relevant in the context of the fact that some folks here don't believe that taxes should be used to incentivize behavior (even if it might be "helping humanity", I imagine).
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: kozlodoev on December 19, 2017, 11:42:01 AM
I am no accounting expert, but I can't imagine a tax write-off would be more than the actual value of the house.
Not if you weren't able to sell it. There isn't exactly a ton of demand for large, unfinished estates in the middle of nowhere.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: GreenShooter on December 19, 2017, 11:47:54 AM
That is a great piece of property. Good for the kids!

I was also going to post "who is going to pay the real estate taxes?" as a joke but now will abstain from anything related.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: green_bballers13 on December 19, 2017, 11:50:14 AM
So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

Why does any of that matter? The end result is that he's helping humanity.
Because everyone is rounding up here to sing him praises for something he ultimately may have done in his best interest?

It also seems relevant in the context of the fact that some folks here don't believe that taxes should be used to incentivize behavior (even if it might be "helping humanity", I imagine).

Children will benefit from his purchase and donation. His tax situation doesn't interest me. Living on planet earth with other humans is better when people help each other, in my opinion.

Can you explain your second sentence? I don't get it. I understand the relevance of taxes in December 2017, given the new legislation. I don't get how such legislation makes it relevant to criticize people for gifting.

Gifting is one of the best parts of the Holiday season. Many people take deductions. Taking a cynical approach to this seems a little Scrooge like, no?
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: Vermont Green on December 19, 2017, 11:51:02 AM
Also not a tax expert but I don't think you need to be to understand this.  I think he makes like $20M per year so most of his income is taxed at 39%.  If he makes a $9.75M charitable contribution, he can reduce his taxable income by that amount.  He will get 39% of the donation back as a tax deduction.

Yes, you can argue if that is the best use of roughly $3.9M of potential taxpayer money "spent" through the tax code but it is still a generous donation.  I am sure that the charity receiving the donation is thrilled.  Better for him to do it now than after this tax "reform" kicks in.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: jambr380 on December 19, 2017, 11:52:23 AM
I am no accounting expert, but I can't imagine a tax write-off would be more than the actual value of the house.
Not if you weren't able to sell it. There isn't exactly a ton of demand for large, unfinished estates in the middle of nowhere.

Seems easy enough to finish off a house - it's not like he doesn't have any money to do so and he wouldn't be doing the work himself.

I guess it depends if the 'value' of the house is considerably more than the actual price he could fetch for it...like really considerably.

My guess is there are some tax write-off benefits, but it is still a very unselfish thing to do. This isn't like Trump claiming a loss that he didn't actually take and then not paying taxes for years - this was actually a house that Camels (yes, I do know the real spelling of his name) purchased and owned.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: green_bballers13 on December 19, 2017, 12:05:01 PM
I think this is a wonderful story. Hamels is publicly donating a lot of money. The more media attention that this gets, the higher likelihood that other rich people will follow in suit and make other generous donations.

I'm making an extra $100 donation this year because of Cole Hamels. I encourage you, Kozlodoev, to follow suit and make a donation that you wouldn't have otherwise because of Cole Hamels.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: KGs Knee on December 19, 2017, 12:34:03 PM
So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

Why does any of that matter? The end result is that he's helping humanity.
Because everyone is rounding up here to sing him praises for something he ultimately may have done in his best interest?

It also seems relevant in the context of the fact that some folks here don't believe that taxes should be used to incentivize behavior (even if it might be "helping humanity", I imagine).

Everybody should want to help those in need. Nobody should be compelled to.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: kozlodoev on December 19, 2017, 12:39:06 PM
So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

Why does any of that matter? The end result is that he's helping humanity.
Because everyone is rounding up here to sing him praises for something he ultimately may have done in his best interest?

It also seems relevant in the context of the fact that some folks here don't believe that taxes should be used to incentivize behavior (even if it might be "helping humanity", I imagine).

Everybody should want to help those in need. Nobody should be compelled to.
A tax incentive is not compelling you to do anything. What the heck are you talking about?!
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: Tr1boy on December 19, 2017, 12:44:50 PM
I wish more rich people would share more of their wealth voluntarily.

Good for Cole.

Not likely... Rich people are some of the stingiest

Look at Lecheap James
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: kozlodoev on December 19, 2017, 12:51:28 PM
Can you explain your second sentence? I don't get it. I understand the relevance of taxes in December 2017, given the new legislation. I don't get how such legislation makes it relevant to criticize people for gifting.
I don't criticize people for gifting. I'm calling this for what it is: a shrewd business move. It's great that children will benefit from it, but let's not get ahead of ourselves: between tax liability and finishing costs, Hamels saved a considerable amount of money right before tax cutoff and after failing to sell the property.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: Roy H. on December 19, 2017, 01:00:41 PM
I wish more rich people would share more of their wealth voluntarily.

Good for Cole.

Not likely... Rich people are some of the stingiest

Look at Lecheap James

Is Lebron cheap? That wasn’t my impression.
Title: Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
Post by: Roy H. on December 19, 2017, 01:02:13 PM
I don’t care what collateral benefits Hamels receives: this was a cool gesture.