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Re: Need help with condo rental depreciation basis

yes haha sorry. So you may want to do the opposite of what I did :)
by wholeinone04
Wed Mar 18, 2015 5:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Need help with condo rental depreciation basis
Replies: 17
Views: 1306

Re: Credit Card accounts (leave open or close?)

One of my cards that I rarely use was just closed by the cc company. It was probably my newest (5 years old or so), and even if there is a tiny dent, I'm happier without it to keep track of. I'm down to two. Only your utilization and # of accounts (higher is better contrary to popular belief since ...
by wholeinone04
Thu Feb 19, 2015 11:43 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit Card accounts (leave open or close?)
Replies: 26
Views: 1476

Re: Shared personal/biz expenses on a biz credit card?

May I ask the question in a lightly different way? In terms of with the IRS, ignoring the legal liability issues, is there ANY advantage for a "flow through" S-Corp to keeping a separate credit card, or even paying for expenses out of a specific business checking account, as song as an ac...
by wholeinone04
Wed Feb 18, 2015 6:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Shared personal/biz expenses on a biz credit card?
Replies: 10
Views: 564

Re: Shared personal/biz expenses on a biz credit card?

I have an LLC for my business but there are a few items that I use for personal/business use. For example my cell phone and my car I use about 50/50 personal/business. So I know the point of a business credit card is so that you don't co-mingle personal and business expenses but what about these it...
by wholeinone04
Wed Feb 18, 2015 6:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Shared personal/biz expenses on a biz credit card?
Replies: 10
Views: 564

Re: Early rental lease termination - what is reasonable?

RM Most tenants/landlords don't know this but at least in California this is true. If a tenant moves out, the landlord has to make a good faith effort to find new tenants otherwise the old tenants are on the hook for the entire amount (or at least until they can get it rented out). [/quote] But in ...
by wholeinone04
Wed Feb 18, 2015 2:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: Early rental lease termination - what is reasonable?
Replies: 20
Views: 1163

Re: HSA - how to keep receipts? And reimbursing for past cos

You can still deposit into your HSA for 2014 but if you don't do it through your employer you lose out on FICA savings. I pay for all my HSA expenses and just keep a log in excel. I save all the receipts and scan them at the end of every year, boom done. I actually max out all my retirement accounts...
by wholeinone04
Wed Feb 18, 2015 1:22 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA - how to keep receipts? And reimbursing for past costs?
Replies: 6
Views: 523

Re: Early rental lease termination - what is reasonable?

In many states, if a tenant moves out early, then the landlord is entitled to the normal rent for the term of the lease, PROVIDED he makes a good faith effort to find new tenants. You say that you are not willing to do this. I would take the deal the tenants are offering. Ralph If this is the case ...
by wholeinone04
Wed Feb 18, 2015 1:19 am
 
Forum: Personal Finance (Not Investing)
Topic: Early rental lease termination - what is reasonable?
Replies: 20
Views: 1163

Re: Credit Card accounts (leave open or close?)

Ah finally something I'm an expert in :) You ALWAYS want to keep your oldest cards open because of the credit history. Keeping them open will help your utilization but more importantly credit history is something you won't ever be able to get back since you'll never be able to open a card again in 2...
by wholeinone04
Wed Feb 18, 2015 1:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit Card accounts (leave open or close?)
Replies: 26
Views: 1476

Re: Shared personal/biz expenses on a biz credit card?

If you are using the standard mileage rate, then the car washes, seat covers, etc. should not be considered as a business expense UNLESS you can show a definite business reason that the car wash helps your business (like if you are transporting clients, like a Realtor). Business related tolls and p...
by wholeinone04
Wed Feb 18, 2015 12:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Shared personal/biz expenses on a biz credit card?
Replies: 10
Views: 564

Re: Sell rental property or stick it out?

If your home is still upside down after the past 2.5 years you must have been really deep in the hole. Either way, look at it as a positive and sell now so that you can get this one off your hands. It's much better to make a mistake like this with a 100k house than a 1 million dollar house :)
by wholeinone04
Wed Feb 18, 2015 12:52 am
 
Forum: Personal Finance (Not Investing)
Topic: Sell rental property or stick it out?
Replies: 12
Views: 1357

Shared personal/biz expenses on a biz credit card?

I have an LLC for my business but there are a few items that I use for personal/business use. For example my cell phone and my car I use about 50/50 personal/business. So I know the point of a business credit card is so that you don't co-mingle personal and business expenses but what about these ite...
by wholeinone04
Tue Feb 17, 2015 10:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Shared personal/biz expenses on a biz credit card?
Replies: 10
Views: 564

Re: Tax Question

Assuming you did in fact live in the house for 2 of the last 5 years you can exclude up to 500k of the gain if Married Filing jointly. If single, 250k gain exclusion. You will need to recapture any depreciation you took. Without considering the depreciation you currently have a gain of 70k. Single ...
by wholeinone04
Wed Nov 12, 2014 4:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Question
Replies: 14
Views: 1796

Re: Overall Insurance Strategy

We were told by the local insurance agency that because our property was not being used as a personal residence (first or second - that didn't matter; what mattered was "personal use" or "business/income", etc.), then we MUST have commercial insurance for all purposes: liability...
by wholeinone04
Sat Nov 08, 2014 11:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Overall Insurance Strategy
Replies: 4
Views: 781

Re: Overall Insurance Strategy

Sure. My rental property is in San Diego, CA and rented out unfurnished. I rent an apartment an hour north in Orange County, CA. I didn't really think about it but going forward I will require tenant to get renter's insurance (I'm 95% sure he has it but will confirm). Any reason why you have a busin...
by wholeinone04
Sat Nov 08, 2014 12:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Overall Insurance Strategy
Replies: 4
Views: 781

Overall Insurance Strategy

I decided to sign up for an umbrella policy and that got me thinking about all of my insurance coverages... Currently have auto and homeowners (on my rental property). Going to be adding renter's and umbrella. I'm most worried about liability with a current NW of ~350k (married) and growing. Umbrell...
by wholeinone04
Fri Nov 07, 2014 5:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Overall Insurance Strategy
Replies: 4
Views: 781

Re: 529 Withdrawal for Fiancee

Fiancee is now my wife. And in case anyone is wondering, I opened a new account (still under my account/login though) for my wife and designated her as the beneficiary. Now I'm going to make a qualified withdrawal to her so she'll get a check in the mail. At the end of the year we should get a 1099Q...
by wholeinone04
Tue Nov 04, 2014 2:19 pm
 
Forum: Investing - Theory, News & General
Topic: 529 Withdrawal for Fiancee
Replies: 2
Views: 423

Re: Would You Sell Or Continue Renting Out My Condo?

I bought my condo in 2010 for 340k and real estate agent told me i probably could get 375k from it. I moved out and rented it in August 2013 for 1900 a month. I have 112k left on a 5/1 ARM at 3.75%. Looking at your rate of return, I really feel like I overpaid. It was my first purchased home so I l...
by wholeinone04
Fri Oct 31, 2014 12:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 3621

Re: Would You Sell Or Continue Renting Out My Condo?

Hi, I don't mean to hijack this thread but I am also in a very similar situation. If the OP decides to keep the rental for life, would you recommend he stay with the ARM mortgage or refinance into something else? I always thought an ARM was good if you plan on selling soon but if the OP decides to ...
by wholeinone04
Thu Oct 30, 2014 4:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 3621

Re: Would You Sell Or Continue Renting Out My Condo?

That makes sense. Yes in your case I can understand the desire to sell, and I think it makes sense. I still think it makes sense as a good long term investment, but if you sell you could use the proceeds to max out all tax advantaged space for a year or two - also a good long term investment - plus...
by wholeinone04
Tue Oct 28, 2014 4:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 3621

Re: Would You Sell Or Continue Renting Out My Condo?

The answer hinges on what the rest of your portfolio looks like. Good point, we are doing well. I'm 27, married, wife has 60k of student loan debt and will be 175k -ish by summer of 2017 (she's an MS2). No other outstanding debt other than mortgage on this rental property (207k). We have 160k in ta...
by wholeinone04
Mon Oct 27, 2014 10:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 3621

Re: Would You Sell Or Continue Renting Out My Condo?

Can I ask why you chose an ARM if you were planning on keeping the property as a long-term rental? I wasn't planning on renting out, I wasn't sure at all. I don't know why people are so anti-ARM, I suppose it's because they don't like the risk. But for me, I would rather under-pay and take the risk...
by wholeinone04
Sat Oct 25, 2014 5:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 3621

Re: Would You Sell Or Continue Renting Out My Condo?

Why are you considering selling? What would you do with the proceeds from the sale? If you don't need the cash and you have positive cash flow, then just keep it. Every year your equity increases and hopefully so does your cash flow. Once the mortgage is paid off this will be an even nicer source o...
by wholeinone04
Fri Oct 24, 2014 3:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 3621

Re: Would You Sell Or Continue Renting Out My Condo?

See the link here regarding the sale of a house used as both a primary residence and rental property. They give two examples - one where the taxable gains were prorated and the other where they were not. In both cases any recapture for depreciation (whether or not you claimed it or not on your taxe...
by wholeinone04
Fri Oct 24, 2014 12:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 3621

Re: Would You Sell Or Continue Renting Out My Condo?

I will owe around 205k next summer so if I sell at that time for 375k (minus 6% of 375k for realtor fees = 352.5) that would leave me with 147.5k in cash (352.5 - 205k). So I'm making around 5.7% on this idle cash (my equity) in a best case scenario, but likely there will be expenses so I'd say the...
by wholeinone04
Thu Oct 23, 2014 4:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 3621

Would You Sell Or Continue Renting Out My Condo?

So I bought a condo in April of 2010 for 280k in San Diego (Mission Valley). I put 20% down (56k), got the 10k homebuyer credit but spent 10k on initial repairs. I have no cost refi'd twice and I'm currently 2 years in (about to start year 3) of a 7/1 3.125% ARM. Today, it's probably worth 375k base...
by wholeinone04
Wed Oct 22, 2014 11:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 3621

Re: Going from W-2 to 1099

Do some research on a solo 401k, that's definitely what you'll want. I think every couple should strive to have one spouse go 1099 once kids come around so that they can reduce their work load and stay at home with the kids. Even if your wife only makes 15k a year, just pop it into a solo 401k and y...
by wholeinone04
Thu Aug 14, 2014 5:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Going from W-2 to 1099
Replies: 27
Views: 1967

Re: Asset allocation for house funds while renting

Yea I mean probably not the best idea to invest in stocks if you need the money within 5 years. Sucks but it's the truth. Maybe consider putting additional money towards retirement and if the market goes up pull some out, otherwise just let it ride.
by wholeinone04
Tue May 27, 2014 1:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: Asset allocation for house funds while renting
Replies: 5
Views: 487

Re: Asset allocation for house funds while renting

I just posted in another thread on this subject: http://www.bogleheads.org/forum/viewtopic.php?f=1&t=139379 There's not a whole lot you can do if you need money within 5 years, but since you have the money to pay cash if you wanted to take on more risk you could invest in some bonds/stocks. If y...
by wholeinone04
Wed May 21, 2014 5:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: Asset allocation for house funds while renting
Replies: 5
Views: 487

Re: Advice on investing ~$100,000

Let me make sure I've got this straight. You've got 205k in equity, 25k in EF, ~25k in IRA's, and no other debt (other than a mortgage)? You guys are looking good, could bump up EF a bit, and maybe go a little more aggressive with your AA depending on risk tolerance and job stability (single or dual...
by wholeinone04
Wed May 21, 2014 5:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice on investing ~$100,000
Replies: 9
Views: 1300

Re: Investing Money for House Purchase

Friend - you have been taken by a con man, i mean financial planner. The good news is you can change course now and consider yourself fortunate to have learned this lesson on the cheap. Many here were not as fortunate. Let me explain: Compare: BLPCX (American Balanced C): 70% Equities, 30% bonds Va...
by wholeinone04
Wed May 21, 2014 4:49 pm
 
Forum: Investing - Help with Personal Investments
Topic: Investing Money for House Purchase
Replies: 21
Views: 1969

Re: Gave two weeks notice a week ago - benefits wrapup quest

Clarification. If I do NOT sign up for COBRA now (or by May 31 which is my last day of health care from my employer), I would be covered through July 31. If I want to use Cobra, then, from August 1 through the end of the calendar year (as the benefits are better than ACA policy due to my not qualif...
by wholeinone04
Tue May 20, 2014 3:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gave two weeks notice a week ago - benefits wrapup questions
Replies: 22
Views: 3793

Re: Gave two weeks notice a week ago - benefits wrapup quest

[quote="Near retirement" So, you are using the 60 day window (not paying for .cobra in the first 2 months) to game the system a little? I want to bridge to ACA (will begin process in (November). Any advice RE: timing of applying for .cobra and ACA in order that air am not uncovered for any...
by wholeinone04
Tue May 20, 2014 3:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gave two weeks notice a week ago - benefits wrapup questions
Replies: 22
Views: 3793

Re: Gave two weeks notice a week ago - benefits wrapup quest

COBRA is a total rip-off but as others have pointed out you have 60 days to decide if you want to activate it or not. You can retroactively activate at any time during that 60 day window. So if you have unavoidable medical bills, just activate your COBRA afterwards and you'll be covered just fine. ...
by wholeinone04
Mon May 19, 2014 3:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gave two weeks notice a week ago - benefits wrapup questions
Replies: 22
Views: 3793

Re: What Happens to an HSA Once You Get Married?

Thanks for the replies, my employer contribution (for her) will be pro-rated but you guys were right, my contribution limit set by the IRS goes up from $3,300 to $6,550. Hello $3,250 more in triple tax free savings! :) So in case anyone is wondering the numbers look like this if we were to get marri...
by wholeinone04
Fri May 09, 2014 4:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: What Happens to an HSA Once You Get Married?
Replies: 3
Views: 679

What Happens to an HSA Once You Get Married?

Right now I've got about 15k in my HSA and I'm currently under hdhp/hsa combo through my employer. I'll be getting married in a couple months and my fiancee will be joining my health plan. She's in school right now so she gets healthcare (regular ppo plan) through her school (but has to pay for it)....
by wholeinone04
Tue May 06, 2014 2:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: What Happens to an HSA Once You Get Married?
Replies: 3
Views: 679

Re: Starting Business with Capital vs. Investing in Total Ma

The answer is: it depends. If you don't know anything about building houses and you try to start a construction company than you're probably going to fail. In that case, I'd go TM. But if you've been building houses all your life and there's demand you'll have a better chance for success and your re...
by wholeinone04
Fri May 02, 2014 5:51 pm
 
Forum: Investing - Theory, News & General
Topic: Starting Business with Capital vs. Investing in Total Market
Replies: 6
Views: 481

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

I love skiing. But I wouldn't want to ski 40 hours/wk for 11 months of the year. Unfortunately with jobs, there are a lot that will not let you scale back to 24 hours/week I always find this conversation confusing. I mean, if you love it so much you'd do it for free, then why leave? If you don't lo...
by wholeinone04
Tue Apr 29, 2014 2:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do you walk away from a good job?
Replies: 38
Views: 5444

Re: Looking for some honest feedback

You really have nothing to worry about, for now at least. Even though you don't live in NYC, NYS is generally more expensive when it comes to housing right? I'm in CA so I know all about buying a 2 bedroom condo in a modest area for 350k haha. I can't even afford to live in areas that I don't want t...
by wholeinone04
Tue Apr 29, 2014 2:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Looking for some honest feedback
Replies: 8
Views: 831

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

I always find this conversation confusing. I mean, if you love it so much you'd do it for free, then why leave? If you don't love it that much then why would you stay one minute past the time you have to? Haha I was thinking the exact same thing. Most people work b/c they need the money to pay for ...
by wholeinone04
Tue Apr 29, 2014 1:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do you walk away from a good job?
Replies: 38
Views: 5444

Re: New Baby Girl - What Can/Should We Do?

Looks like you already switched to traditional TSP - that's a good idea. I come from the other end on the 529 spectrum since I just graduated 5 years ago and I can tell you it was awesome to have my school paid off when I graduated(combo of grants and parents). I bought a house, started maxing out r...
by wholeinone04
Tue Apr 22, 2014 3:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: New Baby Girl - What Can/Should We Do?
Replies: 49
Views: 5146

Re: Gave two weeks notice a week ago - benefits wrapup quest

COBRA is a total rip-off but as others have pointed out you have 60 days to decide if you want to activate it or not. You can retroactively activate at any time during that 60 day window. So if you have unavoidable medical bills, just activate your COBRA afterwards and you'll be covered just fine. M...
by wholeinone04
Tue Apr 22, 2014 2:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gave two weeks notice a week ago - benefits wrapup questions
Replies: 22
Views: 3793

Re: 15 year vs 30 year fixed

Last thing. 10/1 is kind of a weird term, most ARMS are 5/1 or 7/1 so make sure you get an appropriate rate. IE calculate the break even point between going with a 7/1 ARM at 3%(resetting to max rate for 8,9,10 years) vs a 10/1 ARM at 3.25% if there's that big of a difference. I remember when I did ...
by wholeinone04
Fri Apr 18, 2014 1:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: 15 year vs 30 year fixed
Replies: 62
Views: 8182

Re: HSA cost benefit analysis

All I needed to see was the premium savings(2160-771.60 = 1388.40) plus the employer contribution($1,000), that's $2388.40 which is almost your deductible of $2,500? Am I missing something? Contribute your premium savings to your HSA every year and you're getting a free $2,388.40 every single year! ...
by wholeinone04
Tue Apr 15, 2014 5:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA cost benefit analysis
Replies: 23
Views: 2404

Re: Tax Treatment of HSA in California

I'm also from CA and I recently invested my HSA money in 2013. I always assumed that tax treatment is exactly the same as a taxable account when it comes to your CA taxes. I'm assuming TT will take care of all the calcs for me and I'll just double check next year when I do my 2014 taxes. My investme...
by wholeinone04
Tue Apr 15, 2014 4:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Treatment of HSA in California
Replies: 9
Views: 950

Re: All-inclusive resort vacation for $2K??

I don't know if you have the budget to go to somewhere like Jamaica. I'd look for somewhere in Mexico. It definitely helps that you're going off-peak(right before summer) and I'd look for a travelzoo deal or groupon/living social type deal. If you live near a big airport you'll be able to pay close ...
by wholeinone04
Tue Apr 15, 2014 3:51 pm
 
Forum: Personal Consumer Issues
Topic: All-inclusive resort vacation for $2K??
Replies: 19
Views: 2691

Re: Wasting money on rent or buy in California

700 sq ft for 4 people?? Are you kidding me? That's barely enough for 2 people. I would definitely rent but find a cheaper area and rent a 3 bedroom 1500 sq ft townhome. You have a solid DP saved up but CA real estate is much different than Texas as you will soon find out :)
by wholeinone04
Fri Apr 11, 2014 11:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Wasting money on rent or buy in California
Replies: 20
Views: 2673

Re: I'm 23. What else should I be doing financially? TIA.

Yea don't even worry about LLC's for now, that is a more advanced real estate topic. Work on maxing our retirement/savings accounts even if that means you'll save a little less for real estate. Maybe look for a second source of income and use all that money to fund your downpayment fund. Could be so...
by wholeinone04
Wed Apr 09, 2014 10:16 am
 
Forum: Personal Finance (Not Investing)
Topic: I'm 23. What else should I be doing financially? TIA.
Replies: 10
Views: 1406

Re: Reviewing my insurance now that I have money

An umbrella liability premium just isn’t that significant (ours is $105 a year for a$1M limit), and along with the insurance limits you get a team of insurance attorneys seriously interested in defending you against a lawsuit for a fraction of the cost you would have to pay to hire lawyers yourself...
by wholeinone04
Tue Apr 08, 2014 5:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Reviewing my insurance now that I have money
Replies: 6
Views: 783

Reviewing my insurance now that I have money

I've never been a big fan of insurance since it seems whenever you need them to pay they always try to weasel out of it. But now that my NW is moving up to a more substantial amount I want to make sure I'm adequately covered. I know I can't prepare for everything but in this sue happy society that w...
by wholeinone04
Tue Apr 08, 2014 12:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Reviewing my insurance now that I have money
Replies: 6
Views: 783
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