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Started By
Message
Welcome, Kevin Durant. Now about your California income taxes...
Posted on 7/9/16 at 6:19 pm
Posted on 7/9/16 at 6:19 pm
LINK
quote:
Kevin Durant has agreed to work in California, but he will have a few million reasons not to live here. If the basketball superstar establishes his residence in California, he will pay California state income tax on 100 percent of his taxable income, including his salary and endorsement contracts. California’s rate tops out at 13.3 percent, the highest in the nation.
quote:
Durant, who currently lives in Oklahoma City according to Forbes, becomes a California resident, he hypothetically would take home, after taxes, about $54 million over two years from his Warriors income and Nike contract. This assumes he pays his agent 4 percent of his NBA salary, said Robert Raiola, director of the sports and entertainment with accounting firm PKF O'Connor Davies. If he lived in a state that has no income tax, such as Texas or Florida, he would take home about $60 million, assuming 57 percent of his Warriors pay and none of his Nike contract is deemed California-source income, Raiola said.
quote:
“It is my belief, he will end up being a resident of somewhere else, not California. If he became a resident of California, all his Warriors money, all his sneaker money, will be dragged in,” Raiola said. Signing with the Warriors for only two years, as Durant has done, could make it easier for him to establish residence outside California. However, it’s not easy convincing the tax board you don’t live in California when you make millions of dollars playing for a team here.
14
Posted on 7/9/16 at 6:22 pm to RedRifle
Do you think he cares?
His net worth will increase more than that 6 mil in the next two years if he wins a title.
His net worth will increase more than that 6 mil in the next two years if he wins a title.
Posted on 7/9/16 at 6:24 pm to RedRifle
Dudes not hurting for money. It's no big thang.
Posted on 7/9/16 at 6:24 pm to RedRifle
I thought athletes paid state taxes in every state they played in? Pretty sure NFL players do at least.
Posted on 7/9/16 at 6:26 pm to RedRifle
highest income rate in the country and that state still sucks a donkey's rotten arse.
Posted on 7/9/16 at 6:30 pm to RedRifle
This is why many PGA pros reside in the no state income tax state of Florida.
So, it's only 10% or so of his salary, it's still millions of dollars.
I'm sure he'd rather keep it.
So, it's only 10% or so of his salary, it's still millions of dollars.
I'm sure he'd rather keep it.
Posted on 7/9/16 at 6:30 pm to Brosef Stalin
They do, but his endorsement money will be taxed entirely by his state of residence.
Posted on 7/9/16 at 6:30 pm to PrivatePublic
That's retarded. I wouldn't move there. Not worth it. That's way way too much money to lose
Posted on 7/9/16 at 6:32 pm to PrivatePublic
quote:
highest income rate in the country and that state still sucks a donkey's rotten arse.
Says the guy who who's never been to California. PS.. They also have a thriving economy and a budget surplus, so you're talking out of your arse on all accounts.
Posted on 7/9/16 at 6:35 pm to Fat and Happy
How long is the NBA season? Less than 6 months right? If he lived in another state longer than that, how would he have to be a California resident? I would agree his NBA salary should be taxed as a California resident, but if he owns a house in Texas as that's where he is from I don't see why he couldn't stay a resident there for his endorsement deals.
Posted on 7/9/16 at 6:39 pm to dpd901
quote:
Says the guy who who's never been to California. PS.. They also have a thriving economy and a budget surplu
California has a much better infrastructure than at least Alabama. I can't deny that. Their roads overall are much better, probably better schools, or at least funding of the schools.
Posted on 7/9/16 at 6:41 pm to RedRifle
Not flaming you RR, it's a legit question but he's certainly got peeps to handle this issue. I know formerly in the NFL if your team went to Philly for a regular season game, the City of Philadelphia wanted their appropriate employment taxes from 1/16th of all the visiting team's payroll.
Posted on 7/9/16 at 6:41 pm to RedRifle
The article is off.
IIRC pro athletes get paid per game during the season so for away games they are earning money in various states. They literally file state income in every state they play in.
One of my friends lived with David Lafleur when he played for the Cowboys and this is what he told me so forgive me if it's wrong.
IIRC pro athletes get paid per game during the season so for away games they are earning money in various states. They literally file state income in every state they play in.
One of my friends lived with David Lafleur when he played for the Cowboys and this is what he told me so forgive me if it's wrong.
Posted on 7/9/16 at 6:44 pm to dpd901
quote:
Says the guy who who's never been to California. PS.. They also have a thriving economy and a budget surplus, so you're talking out of your arse on all accounts.
Let it keep being wonderful and keep sending company headquarters to Texas.
hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha
Posted on 7/9/16 at 6:48 pm to RedRifle
Am I on the MSB. Thought I clicked on the ot
Posted on 7/9/16 at 6:51 pm to soccerfüt
That may also be so. I don't think California cares.
I think he's going to argument that he's a resident of X no tax state. For example shaq never moved out of Orlando even though he went to Lakers. This article doesn't note that he will have to play a number of California teams I.e. Clippers, Kings, lakers. More than half his NBA income will be from California.
I think he's going to argument that he's a resident of X no tax state. For example shaq never moved out of Orlando even though he went to Lakers. This article doesn't note that he will have to play a number of California teams I.e. Clippers, Kings, lakers. More than half his NBA income will be from California.
This post was edited on 7/9/16 at 6:54 pm
Posted on 7/9/16 at 6:52 pm to Walt OReilly
Is this a sports story?
Posted on 7/9/16 at 7:01 pm to East Coast Band
I have lived in Alabama. Talked to s couple from Cali on vacation once and they were amazed when we told them our daughters school had art, music, drama etc. apparently a lot of schools there don't have finding for those type of programs.
Posted on 7/9/16 at 7:03 pm to RedRifle
he's got a place in South Beach. That's where he'll establish residence.
Posted on 7/9/16 at 7:14 pm to stout
Right Stout
Mawae has talked about this on the radio. When they played in CA he had to file a CA tax return the next year
Mawae has talked about this on the radio. When they played in CA he had to file a CA tax return the next year
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