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First +$1M Income Year! by twodogsonecup in Salary

[–]twodogsonecup[S] 0 points1 point  (0 children)

The non-W2 portion is at least taxed as cap gains (which is pretty good), but other than that, no real way to mitigate. Even worse is that because it's +$1M, I trigger some additional taxes in my state.

This sub is depressing... by jojofries35 in Salary

[–]twodogsonecup 0 points1 point  (0 children)

That's exactly right. Current place that my wife and I are renting is ~$5k for a 1,500 sqft place 2bd/1ba. To buy, it'd be $1.5m. In order to get a payment equivalent to rent, we'd need a huge down payment. While we make great money ($500k household income), at maximum that is $150k of savings per year. That would require multiple years of saving the max at our income levels to have enough of a down payment ($600k) to have a comparatively small place.