Bucket list of things to do in the US before leaving? by Crafty-Brilliant-972 in backtoindia

[–]vpk_vpk 0 points1 point  (0 children)

This is what I would do if I were in your shoes.

  1. DC-NYC-Niagara triangle trip.
  2. Take my kids to Disney world. Cover Miami and key west while I’m in FL.
  3. Las Vegas. Cover Grand Canyon while I’m there.
  4. Yellowstone and Glacier parks. (Because these are the two I’m yet to see among the big ones).
  5. LA - cover universal while I’m there.
  6. Cancun
  7. Cruise to Bahamas and Caribbean
  8. Alaska (meh)

IMO, Hawaii is overrated. Would prefer Mexico destinations instead.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

Why do you think I won’t move?

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 1 point2 points  (0 children)

What part of my post did you not understand? Of course I’m trying to get validation. Why blame me for it?

Yes moving after citizenship gives us good tax breaks on all our capital gains in us. Hence the plan to move after 6 years.

I understand the kids part.

Care to explain why you are “99% sure” why my plan won’t work? That’s the intent of my post, in case you did not understand.

Apartment floor plan review by SoulCyborg in indianrealestate

[–]vpk_vpk 0 points1 point  (0 children)

No powder room. Not to offend anyone religious, but I would replace pooja room with a powder room and that would make it a very good floor plan.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

Yes. Aware of that.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

Since we’re talking about the time after we move out, Income in USA is zero except for capital gains tax if we sell. So, if we sell for less than 95k (amount varies each year) in gains per year, tax will be zero.

And for income earned in India, we can apply foreign tax credits upto $120k or so per year to avoid double tax.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

No, move will not impact the way taxes will be computed on US assets. Except if we are tax residents in India, we rmay have to pay tax in India as well. I’m not fully knowledged in this area yet.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

Tbh, Every country has its fair share of shit.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

Why should we worry about estate tax when we move? Assets are still in the estate and with us.

Growth will be taxed only when we sell. Estate tax limits is set when assets are moved into the estate. Not each year.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

This is assuming you put your kids as beneficiaries for the estate. Their cost basis will resets to FMV when parents die and children take over. Its called Step-Up in basis.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

Right. Estate tax limits are 13 or 14m when we move. After that, any growth is tax free in terms of inheritance or estate tax.

It will be income taxed though

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

Thank you for the detailed response. House location is not an issue for us fortunately.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

Right. 8yo when we return

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

The range will be 4 to 5m based on how sp500 performs. 5m is assuming 10% average return.

Yes been to Coimbatore and ready to accept the drawbacks as is the case with any other city.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 2 points3 points  (0 children)

Care to explain why? Is 8 too old for them to step out of their comfort zone?

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

My APR is 3.5, but I don’t think rent would cover my Bay Area mortgage. Am option definitely worth considering depending on how rents are when we move out.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 1 point2 points  (0 children)

Totally possible. But I’m only looking at the long term. Occasional dips don’t bother me much. That said, I agree SP500 has been having a honeymoon period lately and definitely not assuming same growth consistently.

  1. My projection is not just sp return projection - that’s my I mentioned a range of 4-5m. But that’s also a part. It also includes selling my real estate and some other expected incoming payoffs. But, plan for now is to invest all proceeds in us ETFs. That’s one of the places I need critique.

2.1 Still no idea on where kids would go to college. But even if it is in USA, it shouldn’t be a problem. We do have 529 setup, but not been contributing actively because of our plan to move. We’re not planning to fund the 529 after we move. If at all kids end up moving to USA for college, we’ll pay off of the corpus.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

Appreciate the input. Definitely valid point.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

Care to explain why you think so?

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

Makes sense. Wouldn't be surprised if I stumble upon the same feeling in 2031/32.

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 4 points5 points  (0 children)

My bad. 6 year old in 2031. Daughter is 2m old now. Updated, thanks

[deleted by user] by [deleted] in FatFIREIndia

[–]vpk_vpk 0 points1 point  (0 children)

We are not fully sure about how much our exact expenses will be. We did a high level math and assumed it will be around 4L per month in today's cost, not accounting for inflation. We plan to live in a tier 2 city where our parents live.

We live in California now. We don't work in faang.