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Re: Looking at top 1% for actionable insight

I just want to chime in and agree with the Op, I would like to see more self-management and more lenient moderating.
by travellight
Tue Apr 15, 2014 12:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Looking at top 1% for actionable insight
Replies: 50
Views: 4439

Re: How do you walk away from a good job?

I empathize with you, Op. I feel the same way. Lots of good points here.... I think there is a lot of fear of the unknown when the known is quite good. For me, there is also the issue that I worked so hard to get to "work", 14 grueling years of education after high school just to be able t...
by travellight
Wed Apr 09, 2014 10:14 am
 
Forum: Personal Finance (Not Investing)
Topic: How do you walk away from a good job?
Replies: 29
Views: 3297

Re: 15 year vs 30 year fixed

With high assured income, I would do 20% down and 15 year fixed, or the Penfed 5 year amortized loan (which I got when it was 1.99%). My 15 year fixed is at 2.875% on an investment property, and I have one true variable ARM at 2.55% which I am paying down as rapidly as possible. My goal is to have t...
by travellight
Mon Apr 07, 2014 9:54 am
 
Forum: Personal Finance (Not Investing)
Topic: 15 year vs 30 year fixed
Replies: 48
Views: 4653

Re: When does depreciating a rental property save on taxes?

I also appreciate all the expert advice on this thread. Reminds me of the adage "you don't know what you don't know".... now at least I do know what I don't know and can seek to understand it better.
by travellight
Thu Apr 03, 2014 10:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: When does depreciating a rental property save on taxes?
Replies: 70
Views: 4188

Re: Expensive hobbies and possessions? (B/c you can...)

Was shopping at John Varvados and Karen Millen in Soho two hours ago and heading to see Bryan Cranston on Broadway in the front row.
by travellight
Wed Apr 02, 2014 7:46 pm
 
Forum: Personal Consumer Issues
Topic: Expensive hobbies and possessions? (B/c you can...)
Replies: 126
Views: 9132

Re: (Lack of) Emergency Fund - Are We Crazy?

Yes, I would not feel comfortable with just one typical heloc either. That is why I have two and the second one is a unique loan that resembles a heloc but isn't that exactly.
by travellight
Tue Apr 01, 2014 12:15 am
 
Forum: Personal Finance (Not Investing)
Topic: (Lack of) Emergency Fund - Are We Crazy?
Replies: 44
Views: 3438

Re: (Lack of) Emergency Fund - Are We Crazy?

I also don't have an EF. I have two helocs as my EF, and probably 70-90k of cc access.
by travellight
Mon Mar 31, 2014 9:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: (Lack of) Emergency Fund - Are We Crazy?
Replies: 44
Views: 3438

Re: investment property pros and cons?

I believe you can have up to 4 mortgages. I have 3. None of them required more than 20% down. My last mortgage was for an investment property and I was able to get a 15 year fixed (my choice) at 2.875% (would have been lower if it was not investment property) and I put 20% down. Agree with all the p...
by travellight
Sun Mar 30, 2014 1:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: investment property pros and cons?
Replies: 13
Views: 1094

Re: New Friends are the Anti-Bogleheads, what to do?

I would enjoy their friendship and not appear disapproving. I would probably mention bogleheads and whitecoat casually as great places for financial information if the topic comes up. The rest is up to them. I would want a friend like mnvalue who would speak up if they felt it would help me, as long...
by travellight
Sun Mar 30, 2014 1:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: New Friends are the Anti-Bogleheads, what to do?
Replies: 93
Views: 8295

Re: BH Vacations

I've never had a set amount for my travel. I try to travel as frugally as possible and am value oriented. These days, value involves more luxury than even two years ago. I think I have paid my dues with cheap hotel rooms and want a certain level of niceness now. I still look for the cheapest airfare...
by travellight
Sun Mar 30, 2014 12:42 pm
 
Forum: Personal Consumer Issues
Topic: BH Vacations
Replies: 50
Views: 3178

Re: IRS letter claiming return is late - anyone experience t

I have had this happen before and had to pay the penalty even though I absolutely had mailed it on time. I mail state and federal together and state indicated timely payment. Since then, I have done certified mail. Even with that, I got another one of these letters! Luckily, I showed them the certif...
by travellight
Sun Mar 30, 2014 12:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRS letter claiming return is late - anyone experience this?
Replies: 34
Views: 3404

Re: Best Movies of 2013

I really enjoyed Saving Mr. Banks.
by travellight
Sun Mar 30, 2014 12:21 pm
 
Forum: Personal Consumer Issues
Topic: Best Movies of 2013
Replies: 83
Views: 5478

Re: Dream Home Construction/Purchase: Need Mortgage Advice

I sure wish this had been more of a no-brainer type situation. This is a no brainer type situation for me.... I would not do it. I am one of the very pro real estate people here and over 90% of my assets are in real estate but I would not feel comfortable with those margins. My monthly mortgage cos...
by travellight
Sun Mar 30, 2014 12:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Dream Home Construction/Purchase: Need Mortgage Advice
Replies: 20
Views: 1595

Re: New Housing Bubble and upcoming cycle peak

I wish I had bought some in socal in 2010 when I was looking!
by travellight
Sat Mar 29, 2014 8:12 pm
 
Forum: Investing - Theory, News & General
Topic: New Housing Bubble and upcoming cycle peak
Replies: 74
Views: 6328

Re: What happened to SoCal Chapter?

Ditto. I never understood Monday mid-day, most who work can't make it. I would suggest Saturday morning coffee.
by travellight
Thu Mar 27, 2014 9:25 am
 
Forum: Local Chapters and Bogleheads Community
Topic: What happened to SoCal Chapter?
Replies: 7
Views: 707

Re: When does depreciating a rental property save on taxes?

Great explanation, thanks. So, to make sure I understand correctly: If I sell the house I bought for 200k 27.5 years later for the same price, 200k, I would pay 25% of 200k which is 50k. If I were to sell at 30 years, do I pay the same 50k because taking depreciation ends at 27.5 years? Likewise, If...
by travellight
Wed Mar 26, 2014 8:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: When does depreciating a rental property save on taxes?
Replies: 70
Views: 4188

Re: Property Taxes - Doubling Up

thanks for the explanations.... another total novel concept to me. I don't think I can take advantage of it based on the comments; I am in AMT territory, high state income tax, and high income.
by travellight
Wed Mar 26, 2014 7:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Property Taxes - Doubling Up
Replies: 20
Views: 1211

Re: Property Taxes - Doubling Up

aren't you screwed the next year though?
by travellight
Wed Mar 26, 2014 2:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Property Taxes - Doubling Up
Replies: 20
Views: 1211

Re: Looking for new account suggestions for rental income

My primary bank is Wells fargo and I just created a separate personal account for the rental. There was no cost for this.
by travellight
Wed Mar 26, 2014 1:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Looking for new account suggestions for rental income
Replies: 5
Views: 252

Re: Savers remorse ?

It can be a grueling year for the parent also. Enjoy the show; you both earned it.


You know it, TT! It is emotionally grueling as the parent watching your kid go through the paces. I channel my energies trying to optimize with research on the sidelines as I know you did. Thanks.
by travellight
Tue Mar 25, 2014 11:18 am
 
Forum: Personal Finance (Not Investing)
Topic: Savers remorse ?
Replies: 91
Views: 11164

Re: When does depreciating a rental property save on taxes?

That is so out of my league. That is why I have an accountant. All I know is that it was possible to amend my returns for the past 20 years when my prior accountant failed to file form 8606s for my IRAs.
by travellight
Mon Mar 24, 2014 7:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: When does depreciating a rental property save on taxes?
Replies: 70
Views: 4188

Re: Savers remorse ?

Will do! It already felt great telling my son about this splurge. It will be a nice treat for him after a grueling junior year schedule in high school.

Knowing my net worth, I do berate myself for being such a prodigious saver. I am trying to enjoy it more now.
by travellight
Mon Mar 24, 2014 7:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Savers remorse ?
Replies: 91
Views: 11164

Re: When does depreciating a rental property save on taxes?

Thanks. What I might have been able to do, had I been aware and not so absorbed in other matters, was declare it a rental property from the get-go while I was sorting things out and working on it, but one that was not drawing any income. But needless to say, I had more important fish to fry at the ...
by travellight
Mon Mar 24, 2014 7:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: When does depreciating a rental property save on taxes?
Replies: 70
Views: 4188

Re: Savers remorse ?

Thanks for the support, guys! It felt like a possible saver's remorse situation so I went for it. We are on a college tour (my son is looking at Fordham and Columbia) and I got tickets to see Bryan Cranston of Breaking Bad in a taut political drama. I can't wait!
by travellight
Mon Mar 24, 2014 7:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Savers remorse ?
Replies: 91
Views: 11164

Re: Savers remorse ?

I am on the brink of possible savers remorse: going to NY in two weeks and want to go see a play. The play is listed as one they likely will have a discount for on TKTS but I won't know what seats I'll get. Today, there are two front row center seats for $211 each. well, as I typed this, I took a br...
by travellight
Mon Mar 24, 2014 11:01 am
 
Forum: Personal Finance (Not Investing)
Topic: Savers remorse ?
Replies: 91
Views: 11164

Re: What were your TurboTax final numbers?

I think my effective tax rate was 25%; you did better than me. Federal taxes paid in the 133k+ range, state taxes paid about 33k. I maxed out 401k and IRA.
by travellight
Mon Mar 24, 2014 10:39 am
 
Forum: Personal Finance (Not Investing)
Topic: What were your TurboTax final numbers?
Replies: 4
Views: 1019

Re: When does depreciating a rental property save on taxes?

My understanding is the same as yours, gronkman.
by travellight
Sun Mar 23, 2014 4:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: When does depreciating a rental property save on taxes?
Replies: 70
Views: 4188

Re: State taxes and out of state rental property

The VA tax authorities can take no consolation from the fact that you may be paying an equal amount of tax to UT in lieu of paying it to VA.


I don't think he has to double pay; that would be horrible. The income in VA is only declared on the VA tax form as far as I know.
by travellight
Sun Mar 23, 2014 11:59 am
 
Forum: Investing - Theory, News & General
Topic: State taxes and out of state rental property
Replies: 25
Views: 1227

Re: Frugality regret: What thing do you regret not spending

Same laser focus, bmac, but I have no regrets about that. I don't know if I would have done as well without that focus and I was too driven to have really enjoyed it anyway. The solo trip around the world at age 28 sufficed just fine for me. I was ready by then to savor, relax, and enjoy.
by travellight
Sat Mar 22, 2014 9:22 pm
 
Forum: Personal Consumer Issues
Topic: Frugality regret: What thing do you regret not spending on?
Replies: 93
Views: 11300

Re: When does depreciating a rental property save on taxes?

I will let others chime in, letsgobobby, but here is my understanding of things: 1) it does not matter if you are an active or passive manager. If you are passive, you can subtract the cost of property management against the rental income. 2) At income of under 150k, you can deduct the losses agains...
by travellight
Sat Mar 22, 2014 9:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: When does depreciating a rental property save on taxes?
Replies: 70
Views: 4188

Re: When does depreciating a rental property save on taxes?

And your heirs' tax bracket may be higher than yours.


That would be wishful thinking for me! I'd love that, HueyLD.
by travellight
Sat Mar 22, 2014 7:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: When does depreciating a rental property save on taxes?
Replies: 70
Views: 4188

Re: When does depreciating a rental property save on taxes?

Or, depreciation is like getting an annual partial refund of your initial capital investment, which increases the leverage quotient. This is not the OPs situation, but I think most RE investors look at it that way.
ppro



hmmm.... interesting perspective! It seems to be all favorable.
by travellight
Sat Mar 22, 2014 7:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: When does depreciating a rental property save on taxes?
Replies: 70
Views: 4188

Re: Savers remorse ?

My neighbor is doing the horse and it is costly, as much as my son's expensive private school per year.

I regret taking the tube to my London hotel when it involved managing stairs with my luggage at near midnight.
by travellight
Sat Mar 22, 2014 5:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Savers remorse ?
Replies: 91
Views: 11164

Re: When does depreciating a rental property save on taxes?

Thanks so much! You guys are so knowledgeable. So depreciation is like a loan since you pay it all back upon sale?

Taxwise, it seems optimal to keep property that is beyond capital gains exclusion and get rental income for the retirement years and let the heir sell it due to lesser taxation?
by travellight
Sat Mar 22, 2014 5:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: When does depreciating a rental property save on taxes?
Replies: 70
Views: 4188

Re: well off living paycheck to paycheck

I can pull from my heloc as needed. My discretionary spending is very low. I live paycheck to paycheck due to aggressive payment of mortgage principal.
by travellight
Sat Mar 22, 2014 4:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: well off living paycheck to paycheck
Replies: 16
Views: 2549

Re: When does depreciating a rental property save on taxes?

protagonist, is this condo in the town where you live? If it is not, I believe your flights to that destination and all transportation, hotel, and food costs may be deductible if it is a business trip to do landlording stuff.
by travellight
Sat Mar 22, 2014 3:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: When does depreciating a rental property save on taxes?
Replies: 70
Views: 4188

Re: When does depreciating a rental property save on taxes?

ppro, to clarify, does that mean that if you bought a place for 200k and kept it for 30 years, you would pay taxes on 200k plus whatever gain/profit occurred with sale of the house (after subtracting costs basis)?
by travellight
Sat Mar 22, 2014 3:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: When does depreciating a rental property save on taxes?
Replies: 70
Views: 4188

Re: well off living paycheck to paycheck

I consider myself well off and I live paycheck to paycheck; it is by choice however.
by travellight
Sat Mar 22, 2014 3:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: well off living paycheck to paycheck
Replies: 16
Views: 2549

Re: State taxes and out of state rental property

I am mostly in CA but have rental property in Utah. I file state tax in Utah for the rental income. Last year, I paid about $400-500. I don't think filing the tax costs that much.
by travellight
Sat Mar 22, 2014 11:44 am
 
Forum: Investing - Theory, News & General
Topic: State taxes and out of state rental property
Replies: 25
Views: 1227

Re: Frugality regret: What thing do you regret not spending

Professor Emeritus: it seems to me from your posts that you are still giddy in love with your wife. That, imo, is priceless. Beyond pensions and early retirements, You've won the game.
by travellight
Sat Mar 22, 2014 11:38 am
 
Forum: Personal Consumer Issues
Topic: Frugality regret: What thing do you regret not spending on?
Replies: 93
Views: 11300

Re: Do you love your job? What do you do?

CRNA's are abundant in this area and we employ 8 CRNA's in our group in fact. They are valuable employees and work out for us well. No large practice corporations yet... AnesBH In my area, CRNAs make as much as anesthesiologists do so they stopped hiring them. They priced themselves out of the mark...
by travellight
Sat Mar 22, 2014 11:06 am
 
Forum: Personal Finance (Not Investing)
Topic: Do you love your job? What do you do?
Replies: 134
Views: 10073

Re: How did you decide how much to save?

I meant 85% of net income, LarryC2. I don't think I am very eccentric in my lifestyle. I drive a luxury car but I bought it used, with cash, at a 60% discount off its price new. I travel monthly for leisure but use credit card miles to cover the flights. etc. etc.
by travellight
Fri Mar 21, 2014 3:45 am
 
Forum: Investing - Theory, News & General
Topic: How did you decide how much to save?
Replies: 119
Views: 9154

Re: Issues with income from sharing a home

It would seem to me that contribution applied to utilities would not need to be reported as income but I am not a tax professional.
by travellight
Fri Mar 21, 2014 3:39 am
 
Forum: Personal Finance (Not Investing)
Topic: Issues with income from sharing a home
Replies: 17
Views: 704

Re: Your thoughts on vacation home or second home

I bought a second home in Park City right about the same time I bought my primary home. The price was irresistible.... 13 acres and a 2500 sq ft, 3 BR/3BA I designed myself for about 160k total. I've had about 20 years of enjoyment out of it and it has been paid off for over ten years. Annual costs ...
by travellight
Thu Mar 20, 2014 8:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Your thoughts on vacation home or second home
Replies: 61
Views: 3595

Re: Children: Are they worth every penny?

My kid is worth all one hundred million pennies. Very expensive but priceless.
by travellight
Thu Mar 20, 2014 3:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Children: Are they worth every penny?
Replies: 68
Views: 4589

Re: Do you love your job? What do you do?

Bmac, Lol! Maybe crickets are introverts.

I was noticing the same thing.
by travellight
Thu Mar 20, 2014 3:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you love your job? What do you do?
Replies: 134
Views: 10073

Re: Understanding the LT Cap Gains Tax

If your net gain after subtracted losses still show a profit, I think you would pay 15% on that, no?
by travellight
Thu Mar 20, 2014 1:35 pm
 
Forum: Investing - Help with Personal Investments
Topic: Understanding the LT Cap Gains Tax
Replies: 11
Views: 661

Re: Friend possibly victim of real estate dual agency

Agree with the above. A friend just had the same experience and rejected the offer. Not all are savvy enough to recognize this.
by travellight
Thu Mar 20, 2014 1:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Friend possibly victim of real estate dual agency
Replies: 27
Views: 2546
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