Search found 52 matches

by JI0124
Mon Mar 12, 2018 6:54 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Sale - Tax Implications
Replies: 8
Views: 902

Re: Rental Property Sale - Tax Implications

This is an interesting thread. I have always been told that there was no way around paying the 25% due on depreciation recapture (and what I could research myself online seemed to confirm this - even if you have lived in the property as a primary residence for 2 of the last 5 years before the sale)...
by JI0124
Mon Mar 12, 2018 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Sale - Tax Implications
Replies: 8
Views: 902

Re: Rental Property Sale - Tax Implications

Thanks again Mule. Sounds like my hunch is right and I will find someone else!
by JI0124
Mon Mar 12, 2018 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Sale - Tax Implications
Replies: 8
Views: 902

Re: Rental Property Sale - Tax Implications

Hello - update on this situation... I've enlisted the help of a CPA (referral from friend) to assist with figuring out how to report this. I've run the numbers myself based on what's described in IRS Pub 551, page 10 which deals with Property Changed to Business or Rental Use. This is where the Sale...
by JI0124
Sun Feb 11, 2018 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Sale - Tax Implications
Replies: 8
Views: 902

Re: Rental Property Sale - Tax Implications

Thanks! That's what I was looking for and assume it's relatively good news as I was concerned about having to pay taxes on the "gains" from the sale and the basis at time of conversion to rental would be used. Not sure yet what to do with what you've provided, but validates that something is wrong i...
by JI0124
Fri Feb 09, 2018 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Sale - Tax Implications
Replies: 8
Views: 902

Rental Property Sale - Tax Implications

We sold a rental property last year which had been our primary residence before. I know that there are many other threads on this topic and often the advice is to seek the assistance of a tax professional, which I may ultimately do. I will also complete the IRS publication 523 worksheets to see what...
by JI0124
Mon Feb 05, 2018 7:31 pm
Forum: Personal Consumer Issues
Topic: Washer/Dryer longevity ?
Replies: 69
Views: 6580

Re: Washer/Dryer longevity ?

Generally speaking we’ve been quite disappointed with new appliances in comparison with the ones that they’ve replaced. New front load high efficiency washer and dryer purchased in 2013 don’t work as well as economy top load versions purchased in 2003. The “high efficiency” characteristics have only...
by JI0124
Mon Jan 01, 2018 5:13 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity Freedom Index Funds
Replies: 9
Views: 1452

Re: Fidelity Freedom Index Funds

Update - I was able to successfully place an order for this fund today. Strange, perhaps there was an issue on the day that I initially tried and the rep was misinformed.

Thanks for the comments!
by JI0124
Fri Dec 29, 2017 9:48 am
Forum: Investing - Help with Personal Investments
Topic: Fidelity Freedom Index Funds
Replies: 9
Views: 1452

Re: Fidelity Freedom Index Funds

I hate to ask, but are you 100% sure you tried transacting using the investor shares and not the institutional shares? I could easily see the latter not being allowed, which would explain things. Just want to make sure it's not that. Yes, I actually called and the rep told me they are closing the i...
by JI0124
Thu Dec 28, 2017 11:04 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity Freedom Index Funds
Replies: 9
Views: 1452

Fidelity Freedom Index Funds

Hi All, I made our TIRA and Roth contributions for 2017 recently. I went to transfer from our core position to the Fidelity Freedom Target Date Index fund that we are invested in and received an error message telling me that the fund isnt available for retail sale, and to call Fidelity. I called and...
by JI0124
Mon Jul 17, 2017 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Question re. Title Insurance Policy as Seller
Replies: 4
Views: 431

Question re. Title Insurance Policy as Seller

Hello, We are selling a property that was purchased in 2003. It has been a rental property since 2013. I am trying to get an estimated settlement statement from the title company. I provided the Owner's Title Insurance Policy from the purchase in 2003, which includes a cover letter that says "if you...
by JI0124
Tue May 16, 2017 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Selling Rental Property to Tenant
Replies: 10
Views: 1243

Re: Selling Rental Property to Tenant

Thanks! Any comments on how taxes are handled on the sale of a house that was converted to a rental?
by JI0124
Mon May 15, 2017 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Selling Rental Property to Tenant
Replies: 10
Views: 1243

Selling Rental Property to Tenant

Hello! Sorry if this thread is repetitive with others; I did a search on a few subtopics and decided that my situation and questions were unique enough to warrant a post. Situation: We became accidental landlords about 4 years ago. Property values have risen enough such that we have decided to sell....
by JI0124
Wed Feb 01, 2017 1:02 pm
Forum: Investing - Help with Personal Investments
Topic: 30 year old and feeling extremely behind...
Replies: 43
Views: 6495

Re: 30 year old and feeling extremely behind...

Regarding the Roth/Traditional, and outside of the 401(k), if I'm not mistaken since OP is participating in company sponsored plan (401(k)), the Traditional IRA contributions would not be deductible regardless of income.

Therefore Roth is the best option.
by JI0124
Sun Jan 29, 2017 7:49 pm
Forum: Personal Finance (Not Investing)
Topic: Roth Basis for Taxes - Recharacterization/Conversion
Replies: 2
Views: 432

Roth Basis for Taxes - Recharacterization/Conversion

Hi All, Looking for a quick confirmation regarding Roth recharacterization and reporting as pre-2016 basis for Federal Taxes. I recharacterized a 2014 TIRA contribution to a Roth contribution. Is the correct way to report this as a "2014 conversion contribution not taxable at conversion?" I did not ...
by JI0124
Sat Jan 21, 2017 9:07 am
Forum: Investing - Help with Personal Investments
Topic: Trying to get on track
Replies: 35
Views: 2908

Re: Trying to get on track

Sorry to belabor the point, but clearly your spending is way out of control. My first suggestion is for both of you to sit down and discuss the situation. Get on the same page and agree that there is a problem. Someone has to lead this (and you seem to want to given the post), but both of you must a...
by JI0124
Sun Oct 23, 2016 8:52 pm
Forum: Investing - Help with Personal Investments
Topic: New here/considering moving to Vanguard
Replies: 25
Views: 3406

Re: New here/considering moving to Vanguard

Understanding the fees that you pay is really important. Limiting the fees that you pay is also important. Really, really important. You can't control future performance but you can control fees. Others have said this already. The $40 annual administrative fee charged by your brokerage is likely onl...
by JI0124
Sun Oct 23, 2016 8:02 pm
Forum: Personal Consumer Issues
Topic: New couch? Please advise.
Replies: 28
Views: 3650

Re: New couch? Please advise.

Furniture shopping is one of our least favorite pastimes. Seems that we can never find the balance of style, comfort, value either - even taking cost out of the equation it always seems very difficult to find what we are looking for. That said, we have found that Costco sells high quality furniture,...
by JI0124
Tue Sep 06, 2016 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: Prospective Employer Wants Salary History & Desired Salary
Replies: 265
Views: 24502

Re: Prospective Employer Wants Salary History & Desired Salary

I think the request for current salary/history is reasonable if there is intent to make an offer. You can answer the question however what's more important is that you tell the new prospective employer what you need in order to make the move. There is risk in change and you need to realize some rewa...
by JI0124
Wed Mar 23, 2016 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: Help me allocate $122,000 - Student loans, Emergency fund, and then what?
Replies: 7
Views: 1153

Re: Help me allocate $122,000

FWIW...it does feel really good to be done with student loans. Pay them off! Not sure about all details of your situation but having $50k in the bank with a new house and baby is not crazy to me. It's a nice cushion. As for the $17k remaining...you say that tax deferred is maxed out; does your ongoi...
by JI0124
Mon Mar 21, 2016 8:05 pm
Forum: Personal Finance (Not Investing)
Topic: Optimal mix of saving and paying down debt
Replies: 9
Views: 1210

Re: Optimal mix of saving and paying down debt

Since the amount you have saved compared to your spending seems high, I vote for paying off the debt then building the savings back up. Where is your $27k? Minimally you should open and fund a Roth IRA. You can contribute $5,500 for 2016 and the contributions can be withdrawn tax free with no penalt...
by JI0124
Sat Mar 19, 2016 12:18 pm
Forum: Investing - Help with Personal Investments
Topic: Borrow money to finish basement vs using own cash
Replies: 12
Views: 1776

Re: Borrow money to finish basement vs using own cash

FWIW...One more vote for paying cash. Don't try to talk yourself into borrowing money that you already have. If you aren't comfortable spending the $20k then save more until you are ready.
by JI0124
Wed Mar 09, 2016 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: When does borrowing not make sense?
Replies: 18
Views: 1662

Re: When does borrowing not make sense?

I don't understand how your approach is limiting if you don't particularly want to buy a house right now. Unless you are saving/hoarding at the expense of needs and reasonable wants, how is this a limiting strategy?
by JI0124
Sun Mar 06, 2016 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Ever successfully appealed a property tax asssement?
Replies: 27
Views: 3233

Re: Ever successfully appealed a property tax asssement?

Yes, I will call it moderate success. We built a house which was assessed the year after. The key was highlighting discrepancies in the "property identification card" compared to specs from our builder. For example the PID included line items for second garage door opener, granite countertops in mas...
by JI0124
Sun Feb 28, 2016 11:40 am
Forum: Personal Consumer Issues
Topic: Seeking advice on neighbor issue
Replies: 36
Views: 4432

Re: Seeking advice on neighbor issue

I guess if you approach her first and she doesn't take action, then you escalate to the authorities, your anonymity would no longer be preserved...in case you care about that. I wouldn't pay anything, it's not your responsibility and I would think it reasonable to have it resolved without you having...
by JI0124
Wed Feb 24, 2016 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Higher downpayment for lower rate?
Replies: 16
Views: 1286

Re: Higher downpayment for lower rate?

Closing costs seem excessive. Does the $18k include prepaid escrow and a couple years of HOA fees? If so back those items out and understand what fees are being proposed. Make sure you are shopping lenders. I think it's a bit fishy that this broker is proposing that the difference between 20%/25% do...
by JI0124
Wed Feb 24, 2016 8:31 pm
Forum: Investing - Help with Personal Investments
Topic: Some extra cash -- open taxable account or put in a 401k
Replies: 8
Views: 1016

Re: Some extra cash -- open taxable account or put in a 401k

Congrats on the earnings in 2015. Not sure how much you have to work with and if you already max 401(k) contributions if eligible through your employer. First priority for me is to do that. I have a significant portion of income that is variable from year to year so keep extra reserves for this reas...
by JI0124
Wed Feb 17, 2016 11:14 pm
Forum: Investing - Help with Personal Investments
Topic: Starting Out
Replies: 8
Views: 833

Re: Starting Out

A question for you all about backdoor conversions. My understanding is that I can't do a backdoor without paying tax on the pro rata share of IRA assets across all my accounts. In other words, if I contribute 5500 to a new IRA and do a backdoor, I'll have to pay taxes on 13/18 of that amount (becau...
by JI0124
Wed Feb 17, 2016 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: The Realtors vs the Appraiser. Who is right? (Home Value)
Replies: 65
Views: 5838

Re: The Realtors vs the Appraiser. Who is right? (Home Value)

We had our home appraised last year. Appraiser was randomly selected through the bank. He came to the house and performed a thorough inspection. We chatted a bit while he was here and I was surprised to learn (according to him) that the appraisal results can vary based on the purpose of the appraisa...
by JI0124
Wed Feb 17, 2016 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Should I apply for more credit cards or stop requesting credit?
Replies: 48
Views: 3174

Re: Should I apply for more credit cards or stop requesting credit?

You're in college. Nobody needs an 850 credit sc ore in college. One or two cards would be fine, six is more than enough. Focus on classes, homework, and girls Agree with this. Sounds like you are being responsible right now, but having access to that much at your age could get you in trouble quick...
by JI0124
Wed Feb 10, 2016 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Critique my budget/debt plan
Replies: 13
Views: 1674

Re: Critique my budget/debt plan

Agree with others that paying down the higher rate student loan is a good move, especially considering your desire not to be tied to a paycheck. Debt will keep you tied to that more than anything else. Once you are free of the debt it won't feel like you've been sending your money into a black hole ...
by JI0124
Tue Feb 02, 2016 4:53 pm
Forum: Investing - Help with Personal Investments
Topic: Contributions to Rollover IRA from 401k
Replies: 5
Views: 472

Re: Contributions to Rollover IRA from 401k

If this rollover IRA is a traditional IRA, and you do not have another TIRA you may want to see if you can roll it into your new 401(k). Some plans allow this if the original contributions were made to an employer sponsored plan. This way in the case that you want/need to make a back door Roth IRA c...
by JI0124
Sun Jan 31, 2016 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Banks or credit unions
Replies: 37
Views: 4279

Re: Banks or credit unions

I have been a Credit Union member since I was about 7 years old. Same account actually, we added my wife when we got married. This CU has made several acquisitions since, and there have been some changes, but compared to banks they consistently beat the fees. In the case that we make a mistake they ...
by JI0124
Sun Jan 31, 2016 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Brokerage Statements and TIRA Recharacterization
Replies: 3
Views: 298

Re: Brokerage Statements and TIRA Recharacterization

Alan S - thank you for the response. Indeed we recharacterized the contribution to Roth since the TIRA contribution wouldn't have been deductible.

I have confirmed that the 1099-R form has code R in box 7.

Thanks for reviewing/responding!
by JI0124
Sun Jan 31, 2016 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: Brokerage Statements and TIRA Recharacterization
Replies: 3
Views: 298

Brokerage Statements and TIRA Recharacterization

Looking for some help here...in January 2014 (pre-Boglehead, not paying enough attention to investments and working with a high cost financial advisor - for the record we fired her and manage ourselves now) I made a $5,500 TIRA contribution for 2014 at her advice. I realized when filing my 2014 taxe...
by JI0124
Thu Jan 28, 2016 4:18 pm
Forum: Investing - Help with Personal Investments
Topic: new boglehead
Replies: 16
Views: 1871

Re: 23 year old.. new boglehead

Do you have any advice to share for a young investor that you have learned over the course of your lives? What would you have told your 23 year old self if you could tell them now? Pay off the credit card debt immediately. Even though it's a relatively small amount and no interest. Pay it off. Don'...
by JI0124
Wed Jan 27, 2016 10:50 am
Forum: Personal Finance (Not Investing)
Topic: New Mortgage - Help Needed
Replies: 42
Views: 3484

Re: New Mortgage - Help Needed

3. 3%, 15 year, 10% down, ~7K in one time PMI payment This is the first time I've heard of a one time PMI payment. Are you sure they weren't talking about points? PMI is usually a monthly amount. I think he means he can buy points. Unsure on how that works, but definitely heard about it before... s...
by JI0124
Mon Jan 25, 2016 7:54 pm
Forum: Investing - Help with Personal Investments
Topic: Roth to Traditional (and Back)?
Replies: 1
Views: 265

Re: Roth to Traditional (and Back)?

From this forum I know that if you don't do the back door conversion after you recharacterize to Traditional, the TIRA will get in the way of future opportunities for back door Roth contributions. So if you expect your MAGI to exceed the MFJ limits for Roth or deductible TIRA contributions going for...
by JI0124
Sun Jan 24, 2016 4:02 pm
Forum: Investing - Help with Personal Investments
Topic: What happens if I exceed income limits for IRA contributions?
Replies: 2
Views: 554

What happens if I exceed income limits for IRA contributions?

Hello, We are married filing joint, one income. The MAGI (which has a variable component) hovers right around the limits for deductible and Roth IRA contributions. We are currently maxing 401(k) and make max contributions to Traditional IRA (for spouse with no income) and Roth (me with income). We m...
by JI0124
Sun Jan 24, 2016 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: New Mortgage - Help Needed
Replies: 42
Views: 3484

Re: New Mortgage - Help Needed

And for the record, option 1 is the better financial move! :happy
by JI0124
Sun Jan 24, 2016 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: New Mortgage - Help Needed
Replies: 42
Views: 3484

Re: New Mortgage - Help Needed

The mortgage broker mentioned that there would be no PMI with 10% down as the additional 0.25% interest rate makes up for that. It sounds like the 10% down deal is being structured such that the cost of PMI is being rolled in and you are paying by way of the additional .25% on the rate. There is an...
by JI0124
Thu Jan 14, 2016 7:35 pm
Forum: Investing - Help with Personal Investments
Topic: Caterpillar Company investment
Replies: 49
Views: 5658

Re: Caterpillar Company investment

It's pretty clear that you've made your decision to invest in CAT regardless of the responses posted here. So calculate the percentage of your portfolio that you could lose 50% of without losing sleep and buy that much!
by JI0124
Tue Dec 29, 2015 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Saver's credit
Replies: 21
Views: 1848

Re: Saver's credit

I could do a traditional ira for both of us, which should put us below 61k limit? If you are filing as Married Filing Jointly then the MAGI limit is $98k, so you would qualify for a full deduction of the Traditional IRA contribution. Oops, I see now that the $61k you are referring to is for the Sav...
by JI0124
Tue Dec 29, 2015 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Saver's credit
Replies: 21
Views: 1848

Re: Saver's credit

H-Dog wrote:
I assume we need to do her contribution before year end?
For the 401(k) it needs to happen through payroll deductions, and there are plan rules that limit the percentage of income that can be deferred. So, probably a missed opportunity for 2015 but something to plan for in 2016.
by JI0124
Tue Dec 29, 2015 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Saver's credit
Replies: 21
Views: 1848

Re: Saver's credit

As I understand, those who participate in a retirement savings plan through work may not be able to deduct the full amount of their Traditional IRA contributions depending on modified AGI: https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-C...
by JI0124
Thu Aug 13, 2015 10:07 pm
Forum: Investing - Help with Personal Investments
Topic: [New Question] Relatively new and looking for validation on moving portfolio
Replies: 6
Views: 871

Re: Relatively new and looking for validation on moving portfolio

OK, we have our funds moved and now we need to allocate. I've been considering the options and suggestions (again much appreciated) and still trying to determine if we go with target-date funds or separate funds. I have a couple of questions now on the feedback provided: It's easier if everything is...
by JI0124
Thu Aug 13, 2015 4:33 pm
Forum: Investing - Help with Personal Investments
Topic: Non Deductable IRA
Replies: 24
Views: 1633

Re: Non Deductable IRA

I believe this link clarifies the rules when "covered by a retirement plan at work."

http://www.irs.gov/Retirement-Plans/201 ... an-at-Work